Mumbai, Maharashtra – May 13, 2015 – In a significant ruling, the Designated Court under the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act (MPID Act) at the Bombay City Civil & Sessions Court, presided over by Special Judge D.P. Surana, today granted bail to Amardeepsingh Basant Singh Thakur, identified by the prosecution as the “main accused” in an alleged multi-crore investment fraud.

Thakur was arrested on February 7, 2015, in connection with C.R. No. 40/2013 being investigated by the Economic Offence Wing (EOW) Unit 7, Mumbai. He faces charges under Sections 406 (criminal breach of trust), 420 (cheating), 120(B) (criminal conspiracy) read with 34 of the Indian Penal Code, and Section 3 of the MPID Act.

Allegations: Directors of Wetell Group Accused of Rs. 2.37 Crore Fraud

According to the prosecution, Amardeepsingh Basant Singh Thakur was a Director of all five “Wetell Group of companies” and the primary force behind the alleged crime. The informant, Naresh Vishwas Patil, stated that he and his family invested Rs. 28.60 lakhs with “Wetell Cap Solutions Pvt Ltd” after being induced by schemes explained by Vasant Kadam. The financial establishment allegedly committed a fraudulent default on their invested amount and promised benefits.

The investigation revealed that the scam affected approximately 36 investors, leading to a total fraudulent default of Rs. 2,37,40,000/- (Rupees Two Crore Thirty-Seven Lakhs Forty Thousand only). The prosecution highlighted that Thakur was an authorized signatory for the financial establishment and played a direct role, conducting meetings, explaining schemes, and even taking investors to Hyderabad to induce deposits. Out of 16 bank accounts frozen in the crime, only a mere Rs. 32,000/- was found. It was also alleged that significant amounts were transferred to Fixed Deposit Receipts (FDRs) in Axis Bank, Banjara Hills, Hyderabad, and to Thakur’s wife, with the siphoned funds still under investigation.

Defence Argues Sufficient Interrogation, Charge Sheet Filed

Advocates M.M. Patnekar and Neelam Kanuajia, representing Amardeepsingh Thakur, argued that their client had been in custody since February 7, 2015, and was sufficiently interrogated. They emphasized that the charge sheet had already been filed on April 7, 2015, and no further purpose would be served by keeping him incarcerated. They also pointed out that his residential address in Hyderabad was not disputed, minimizing flight risk.

The defence further noted that one co-accused (an employee of the financial establishment) had already been granted bail, and another co-accused was bedridden. They also highlighted that two properties in Panvel and Dombivali had already been seized in connection with the crime.

Court’s Reasoning: Probe Largely Complete, Non-Custodial Interrogation Possible

Special Judge D.P. Surana acknowledged that Thakur had been in custody since his arrest and had undergone sufficient interrogation. A crucial factor in the court’s decision was that after Thakur was sent to judicial custody, the Investigating Officer (I.O.) had not filed any application seeking further custodial interrogation.

The court observed that “most of the investigation seems to have been done” and that the applicant, being 50 years old, should not be kept in jail solely for the purpose of further investigation, especially when the I.O. could not substantiate specific grounds requiring his continued incarceration.

Furthermore, the Judge noted that all the offenses leveled against the applicant prescribed a maximum punishment of up to seven years only. The court also considered that two properties were already secured and 16 bank accounts frozen. The fact that a co-accused employee was out on anticipatory bail and was reportedly cooperating with the investigation also weighed in the decision.

Concluding that there were no sufficient grounds to deny bail, the court deemed it a “fit case” for conditional liberty, allowing the I.O. to continue interrogating the applicant during further investigation if needed.

Bail Granted with Strict Conditions

The court allowed the application, ordering Amardeepsingh Basant Singh Thakur to be released on bail upon furnishing a Personal Bond (PB) of Rs. 5,00,000/- (Rupees Five Lakhs only) with one or more sureties of the like amount.

The bail is subject to the following stringent conditions:

• The applicant shall mark his presence on the first Monday of each month until further orders.
• He shall cooperate with further investigation.
• He shall not leave India without prior permission of the designated court and shall surrender his passport to the I.O. if he possesses one.
• He shall not dispose of any of his immovable properties without the permission of this court.
• He shall not dispose of immovable properties in the name of his wife without one month prior intimation to the I.O.
• He shall not withdraw any Fixed Deposit Receipts (FDRs) in his name or in the name of his wife without one month prior intimation to the I.O.

The decision allows Thakur to be released from custody while the broader investigation into the alleged multi-crore scam continues.