Mumbai, Maharashtra – The Designated Court under the Maharashtra Protection of Interest of Depositors (MPID) Act in Mumbai has granted regular bail to Omkar Bharat Gaikwad (22), an employee implicated in a foreign exchange investment fraud scheme. The court, presided over by Judge N.P. Mehta (Court Room no. 7), noted that Gaikwad’s role was primarily as an employee acting under the directions of his superiors, with no direct involvement in inducing or benefiting from the defrauded money.

The order was passed on November 13, 2024, in Bail Application No. 912 of 2024, concerning C.R. No. 95 of 2024 registered with DCB, CID, Mumbai (originally C.R. No. 966 of 2024 registered with Kandivali Police Station). Gaikwad was accused under Sections 316(2), 318(4), 3(5) of the Bharatiya Nyaya Sanhita, 2023 (BNS), Section 66(C) of the Information Technology Act, 2000, and Section 3 of The Maharashtra Protection of Interest of Depositors Act, 1999 (MPID Act).

Prosecution’s Allegations

The prosecution, represented by Ld. SPP Suryawanshi, alleged that Omkar Bharat Gaikwad was employed with a company named “Spot Fixit Solution.” His role involved attracting Indian customers through VICIdial calls, enticing them to invest in “Foreign Exchange Currency” with promises of profitable returns. Customers were then asked to register on the website “https://www.google.com/search?q=forexsp.com” and provide their bank account details, which the company allegedly used to withdraw money as “investment.”

The prosecution stated that customers later discovered that “Spot Fixit Solution” lacked a valid license to trade in Foreign Exchange Currency and that they had been deceived. It was further alleged that the company forged forex trading activities, accepted money from various customers, and transferred it to their own accounts instead of investing it. Consequently, customers were defrauded of their hard-earned money.

Applicant’s Defense

Ld. Advocate Pratik Shinde, representing Omkar Bharat Gaikwad, argued that his client, as an employee of “Spot Fixit Solution,” had no direct role in the alleged defrauding of Indian customers. He contended that Gaikwad was merely “acting as per the directions of his masters.” The defense emphasized that “no role is attributed to him in inducing and deceiving Indian customers” and that Gaikwad was “not beneficiary of the money received from Indian customers for trading in Foreign Exchange Currency.”

Court’s Reasoning for Granting Bail

Judge N.P. Mehta, after considering the allegations and arguments, found merit in the applicant’s submission. The court observed that Gaikwad, being an employee, did not appear to have played a direct role in the “inducing and deceiving” of customers or in personally benefiting from the defrauded funds. The court noted that “all alleged money received from customers have been pocketed by main accused.”

Based on these findings, the court decided it was “inclined to enlarge applicant/ accused on bail.”

Bail Conditions

The court granted bail to Omkar Bharat Gaikwad, subject to the following conditions:

• Bail Bond: He must furnish a Personal Recognizance (PR) bond of ₹15,000/- with one or more sureties in the like amount.
• Provisional Cash Bail: He is permitted to furnish a provisional cash bail of ₹15,000/- for a period of three months (after Treasury Hours are over), with surety compliance to be made before the concerned court.
• Passport Surrender: The applicant must surrender his passport to the investigating officer within one week of his release.
• Cooperation with IO: He must make himself available for interrogation by the Investigating Officer as and when required, under written intimation.
• No Travel Abroad: He shall not leave India without prior permission of the court.
• No Property Alienation: He shall not alienate any movable or immovable property in his name, or in the name of his wife/children (if any), without the court’s permission.
• No Tampering: He shall not tamper with prosecution evidence or pressurize prosecution witnesses.
• Contact Information: He must furnish his contact number and residential address to the Investigating Officer and keep him updated on any changes.
• Trial Attendance: He must attend the dates of trial regularly.

The bail application was allowed and disposed of accordingly.