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Order on BA No.555/24
MHCC020106662024
BEFORE THE DESIGNATED COURT UNDER M.P.I.D. ACT
CITY CIVIL & SESSIONS COURT, MUMBAI
ORDER ON BAIL APPLICATION NO.555 OF 2024
IN
C.R. No.133 of 2023
Ravindra Devprakash Acharya
Age : 55 years, Occ : Service
Residing at Chouthani Ojhao Ka Chowk,
Hanuman Mandir, Bikaner,
Bikaner, Rajasthan – 334001.
Temporary residing at A/801, Rassaz Castle,
Malpa Dongri, Gundavali Service Road,
Andheri (East), Mumbai-400 069.

]
]
]
]
]
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] Applicant/
]… Accused
Versus
The State of Maharashtra
(Through N. M. Joshi Marg Police Station)
]
]… Respondent
Appearances:Ld. Advocate Nikhil Wable a/w Ld. Advocate Mihir K. a/w Ld. Advocate
Punit Vyas for the Applicant.
Ld. SPP Seema Deshpande for the State/ Respondent.
CORAM : HIS HONOUR JUDGE
N. P. MEHTA,
(Court Room no. 7)
DATE : 23rd July, 2024.
ORAL ORDER
1.

The present application is moved by the Applicant/Accused
Ravindra Devprakash Acharya, under Section 439 of The Code of
Criminal Procedure, 1973 for grant of regular bail.

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2.

Order on BA No.555/24
A case bearing C.R. No.133 of 2023 is registered with N. M.
Joshi Marg Police Station against the present Applicant for the
offence punishable under Sections 406, 409, 420 r/w Section 34
of the Indian Penal Code, 1860 (hereinafter referred as “IPC”) as
well as Sections 3 and 4 of The Maharashtra Protection of Interest
of Depositors Act, 1999 (hereinafter referred as “MPID Act”).

3.

Application is resisted by the Prosecution by filing its say at
Exhibit No.02.

4. Prosecution case in nutshell is as under :-
It is the case of complainant that the co-accused Mr.
Mahadev Pandurang Jadhav approached the complainant and
informed about the schemes being carried out by his Companies
viz., M/s. Rehan Enterprises, Rohan Enterprises and Atulya Group
of Companies. On the representation of the co-accused i.e. Mr.
Mahadev Pandurang Jadhav, the complainant during the period
from 15.07.2022 to 25.01.2023, invested the amount of
Rs.50,00,000/-(Rupees Fifty Lakhs only). Further, complainant’s
niece, Vaishali Pawar invested an amount of Rs.75,00,000/(Rupees Seventy Five Lakhs only) and complainant’s grand
daughter Sakshi Durgule invested a sum of Rs.15,00,000/(Rupees Fifteen Lakhs only). That the complainant and her
relatives invested a total sum of Rs.1,40,00,000/- (Rupees One
Crore Forty Lakhs only). It was assured to the complainant and
her relatives that a fixed return of 5% per month of the invested
amount will be given to them.

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5.

Order on BA No.555/24
Complainant was assured that after investing an amount of
Rs.50,00,000/- (Rupees Fifty Lakhs only), after a period of 40
days and on every subsequent month an amount of Rs.5,00,000/(Rupees Five Lakhs only) will be paid in 10 months including
interest and a total amount of Rs.75,00,000/- (Rupees Seventy
Five Lakhs only) will be paid. The complainant was further
assured that an agreement on stamp paper of Rs.100 will be
executed and 10 post dated cheques of Rs.7,37,500/-(Rupees
Seven Lakhs Thirty Seven Thousand Five Hundred only) each
after deducting TDS will be given to the complainant. It was
further informed to the complainant by Mahadev Jadhav, Anand
Jadhav and Kishore Baraskar that they have various Companies
and approximately 83 branches across India. It was further
informed to the complainant that through their agent that 50% of
the amounts of this Companies were invested in Shares / forex /
crypto currencies and rest of the 50% amount is invested in the
Atulya Groups of Companies being subsidiary Company of Rehan
Enterprise. It was further informed to the complainant that the
share trading were invested in different folios namely, high risk
fund, medium risk fund, low risk fund etc.

6.

Subsequently, accused executed the document on 15.07.2022
and amount of Rs.50,00,000/- (Rupees Fifty Lakhs only) was
transferred in the account of Bank of India belonging to Rehan
Enterprises. Thereafter, on 15.07.2022, a promissory note was
handed over to complainant which was printed on 100 rupees
stamp paper. Further, on the advise of Kishore Baraskar, the
complainant’s niece Vaishali Pawar invested an amount of
Rs.75,00,000/- (Rupees Seventy Five Lakhs only) and the grand
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Order on BA No.555/24
daughter invested an amount of Rs.15,00,000/- (Rupees Fifteen
Lakhs only). On 06.08.2022 an amount of Rs.7,37,500/-(Rupees
Seven Lakhs Thirty Seven Thousand Five Hundred only)(after
deducting TDS) was given to the complainant. Thereafter, inspite
of repeated demand, Mr. Mahadev Jadhav informed the
complainant not to deposit post dated cheques till further
instructions. Inspite of the completion of 3 months no money was
paid to the complainant and therefore, on 25.11.2022, 3 cheques,
all amounting to Rs.7,37,500/-(Rupees Seven Lakhs Thirty Seven
Thousand
Five
Hundred
only)
were
deposited
in
the
complainant’s bank account. After depositing all the 3 cheques,
they were dishonoured. After inquiry, it came to the knowledge of
the complainant, that ICICI Bank, Worli Branch Mumbai, account
No.041405002947 was operative. It was further found out that
Mr. Kishore Baraskar was an agent and he received 2%
commission on the invested amount.
7.

Thereafter, Mr. Mahadev Jadhav assured on a zoom call to the
investors that the money invested with his Company would be
returned by the end of February 2023. But the monies were never
returned to the investors. In view of the aforesaid, a complaint
was lodged at N. M. Joshi Marg Police Station for the commission
of alleged offence punishable under Sections 406, 409, 420 r/w
Section 34 of IPC as well as Sections 3 and 4 of MPID Act vide
C.R. No.133 of 2023 against Mahadev Jadhav, Kishore Baraskar,
Madhura Tari and Anand Jadhav.

8.

Applicant was Accountant in the firm Rehan Enterprizes and
he was given additional power of executing receipts to depositors
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Order on BA No.555/24
towards acceptance of deposits from them. Applicant came to be
arrested and necessary information came to be collected from
him concerning to crime alleged to have been committed by
Mahadev Pandurang Jadhav and Kishore Baraskar.
9.

Prosecution apprehends that on release of accused on bail, he
would provide information regarding bank accounts of Company
to main accused which would help them in diverting the funds to
Shell accounts.

10.

Having regard to the aforesaid this Court is of the opinion that
present applicant has not received any amount of deposits. It is
matter of record that applicant’s bank account came to be sealed.
No money of depositors was found in his bank account. Applicant
has provided all necessary details concerning to Rehan
Enterprises firm floated by Mahadev Pandurang Jadhav and
Baviskar. This Court is of the opinion that custody of applicant/
accused is no more required. Hence, following order :ORDER
1. The present Bail Application No.555 of 2024 is hereby allowed
and disposed of.

2. The applicant Ravindra Devprakash Acharya is hereby released
on bail in connection with C.R. No.133 of 2023 is registered with
N. M. Joshi Marg Police Station against the present Applicant for
the offence punishable under Sections 406, 409, 420 r/w Section
34 of the Indian Penal Code, 1860 as well as Sections 3 and 4 of
The Maharashtra Protection of Interest of Depositors Act, 1999 on
furnishing PR bond of Rs. 50,000/- (Rupees Fifty Thousand only)
with one or more sureties in the like amount.

3. The Applicant is permitted to furnish provisional cash bail of
Rs.50,000/- (Rupees Fifty Thousand only) for a period of three
months.

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Order on BA No.555/24
4. The Applicant to make surety compliance before concerned
Court.

5. The Applicant shall appear before concern police station
/Investigating Officer every week preferably on Monday between
11.00 a.m. to 2.00 p.m. and shall co-operate Police in
investigation of crime.

6. The Applicant shall not contact accused Mahadev Pandurang
Jadhav and Kishore Bavaskar, and shall not provide any
information of the bank accounts of the firm to any person
whosoever he may be except police machinery.

7. The
Applicant shall surrender his passport before the
investigating officer within a period of one week of his release.

8. The applicant shall not leave India without prior permission of
this Court.

9. The Applicant shall not alienate any movable and immovable
property in his name or in the name of his wife/children if any,
without permission of this Court.

10. The Applicant shall not tamper with the prosecution evidence or
pressurize the prosecution witnesses in any manner.

11. The Applicant shall furnish his contact number and residential
address to the Investigating Officer and shall keep him updated,
in case there is any change.

12. The Applicant shall attend the dates of trial regularly.

(Dictated and pronounced in the open Court.)

Date: 23/07/2024
Mumbai
Dictated on
: 23/07/2024
Draft given on
: 23/07/2024
Signed by HHJ on : 24/07/2024
Digitally signed
by NIKHIL
PRAKASH
MEHTA
Date:
2024.07.24
15:31:06 +0530
(N. P. Mehta)
Designated Judge under
The Maharashtra Protection of
Interest of Depositors Act, 1999,
for Gr. Bombay
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Order on BA No.555/24
“CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL SIGNED
JUDGMENT /ORDER”
24.07.2024 at 1.57 p.m.
UPLOADED DATE AND TIME
Ms. R. D. Tari
NAME OF STENOGRAPHER
Name of the Judge (with Court Room no.)

H.H.J. N. P. Mehta
C.R. No.07
Date of Pronouncement of Judgment/Order
23.07.2024
Judgment /Order signed by P.O. on
24.07.2024
Judgment/Order uploaded on
24.07.2024