Mumbai, Maharashtra – July 25, 2025 – A Mumbai court, on November 19, 2024, granted bail to two individuals, Sonu Jainath Gupta and Pravin Yoseph Sasane, who were arrested in connection with an alleged investment fraud scheme operated by a company named VFX Markets. The court’s decision highlighted that a key charge under the new Bhartiya Nyaya Sanhita (BNS) might not apply to them and noted that other accused in the case had already been granted bail.

Gupta, 35, and Sasane, 39, both described as service personnel, were initially booked in Crime No. 846 of 2024 at Malad Police Station, later transferred to DCB Crime Branch, Unit-8 (Crime No. 85 of 2024). They face charges under various sections of the newly enacted BNS, including 316(2)(5), 319(2), and 318(4), along with sections of the Information Technology Act (66C, 66D), the Indian Telegraph Act (25c), and Section 3 of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act (MPID Act).

The Alleged Scheme

According to the First Information Report (FIR), the alleged fraud involved accused No.1, Amar Parera, and other wanted individuals, who set up VFX Markets Company with a website. Through the assistance of Gupta, Sasane, and other co-accused, they allegedly lured individuals interested in stock market trading to invest money on their platform. Investors were reportedly assured of profits for an initial investment of 100 US Dollars, which was then transferred to an account named Kailash Construction. The company allegedly showed virtual profits initially, followed by subsequent losses, ultimately misappropriating the invested funds.

Sonu Jainath Gupta was identified as a “Retention Manager,” while Pravin Yoseph Sasane held the position of “Team Manager” within VFX Markets. The prosecution contended that in their managerial roles, they made phone calls to potential investors, misrepresenting the scheme.

Court’s Rationale for Granting Bail

Advocate Mr. Ameyprasad Atigre, appearing for the applicants, argued that his clients were mere employees and not involved in the “decision-making policy” or responsible for the management of the financial establishment. Therefore, he contended, Section 3 of the MPID Act would not apply to them. He also pointed out that other employees of the company had already been released on bail, citing parity as a ground for his clients’ release. He emphasized that Gupta and Sasane were acting on employer instructions, had no personal dishonest intention, possessed no criminal antecedents, and were ready to cooperate with the investigation.

The Additional Public Prosecutor, Mrs. Chaitrali Panshikar, opposed the bail, arguing that the applicants held “managerial posts” and that some accused were yet to be arrested. She expressed concerns that if released, they might tamper with evidence or impede the arrest of others.

After hearing both sides, Special Judge Shri N.G. Shukla made several key observations:

• BNS Section 316(2)(5) Not Applicable (Prima Facie): The court noted that while the applicants were alleged to have “insisted to other accused for making phone calls for representing to the investors to invest money,” the allegations appeared to be a case of deception and inducement. Therefore, the judge found that prima facie, Section 316(2)(5) of the Bhartiya Nyaya Sanhita (BNS) would not directly apply to them. This specific section of the new law pertains to grave crimes involving organized criminal groups.
• Lack of Direct Inducement by Applicants: The court’s order highlighted that the police’s “say” (reply) did not specifically disclose that Gupta and Sasane themselves made phone calls directly “to the investors for luring and inducing for investment.”
• Rule of Parity: The judge found that “bail granted to the other accused, rule of parity is applicable for the applicants to get bail.”
• No Strong Reasons for Rejection: The court stated that there were “no strong reasons in say of the police to reject bail application.”

Conditions for Release

Granting the bail application, the court ordered Sonu Jainath Gupta and Pravin Yoseph Sasane to be released on bail upon executing a personal bond of ₹30,000/- each with one surety of the like amount.

The court imposed several conditions to ensure their cooperation with the ongoing investigation:

• Applicants must attend the office of DCB Crime Branch Unit-8 as and when called by written notice and cooperate in the investigation.
• They are prohibited from leaving India without prior court permission.
• They shall not tamper with evidence or create hurdles in the search for wanted accused.
• Breach of any condition could lead to bail cancellation.
• Applicants must submit proof of their residential address, mobile numbers, and contact details of two close relatives to the investigating officer within two weeks of their release and update them if changed.
• The court also permitted the applicants to furnish a cash security of ₹30,000/- each in lieu of a surety for a period of four weeks.

The bail application was disposed of accordingly, allowing Gupta and Sasane to be released from custody while the investigation into the alleged investment fraud continues.