Mumbai, Maharashtra – The Designated Court under the Maharashtra Protection of Interest of Depositors (MPID) Act in Mumbai has granted regular bail to Parth Bipin Dodia, an employee accused in a foreign exchange investment fraud scheme. The court, presided over by Judge N.P. Mehta (Court Room no. 7), determined that Dodia’s role was limited to acting under the directions of his superiors and that he was not a direct beneficiary of the alleged fraud.
The order was passed on November 18, 2024, in Bail Application No. 929 of 2024, linked to C.R. No. 95 of 2024 registered with DCB, CID, Mumbai (which originated from C.R. No. 966 of 2024 at Kandivali Police Station). Dodia faced charges 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 Parth Bipin Dodia was employed by a company named “Spot Fixit Solution.” His primary responsibility was to attract Indian customers through VICIdial calls, convincing them to invest in “Foreign Exchange Currency” with promises of high returns. Customers were then directed to register on the website “https://www.google.com/search?q=forexsp.com” and provide their bank account details, which the company purportedly used to withdraw funds as “investment.”
The prosecution further stated that customers later discovered “Spot Fixit Solution” lacked a valid license for foreign exchange trading and had been deceived. It was claimed that the company engaged in fraudulent forex trading, transferring money from customers’ accounts to their own, rather than actually investing it, thereby defrauding them of their earnings.
Applicant’s Defense
Ld. Advocate Satish Kashinath Singh, representing Parth Bipin Dodia, argued that his client, as an employee, had no direct involvement in defrauding customers. He asserted that Dodia “was acting as per the directions of his masters” and that “no role is attributed to him in inducing and deceiving Indian customers.” The defense also highlighted that Dodia was “not beneficiary of the money received from Indian customers” and that the main accused had “pocketed” all the alleged fraudulent gains.
Court’s Reasoning for Granting Bail
Judge N.P. Mehta, after reviewing the allegations in the First Information Report (FIR) and the arguments presented, found merit in the applicant’s defense. The court observed that Dodia’s role appeared to be that of an employee following instructions, with no direct responsibility for the deceptive practices or personal enrichment from the defrauded funds.
Given these observations, the court expressed its inclination to grant bail to the applicant, stating: “Applicant being employee of Spot Fixit Solution Company, has no role to play in the alleged defrauding of money of Indian customers. He was acting as per the directions of his masters. Thus, no role is attributed to him in inducing and deceiving Indian customers wherein they have invested their money in the alleged Foreign Exchange Currency, which have no license from Reserve Bank of India. All alleged money received from customers have been pocketed by main accused. Applicant is not beneficiary of the money received from Indian customers for trading in Foreign Exchange Currency. This Court is inclined to enlarge applicant/ accused on bail.”
Bail Conditions
The court granted bail to Parth Bipin Dodia, subject to the following conditions:
- Bail Bond: He must furnish a Personal Recognizance (PR) bond of ₹15,000/- (Rupees Fifteen Thousand only) 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: He 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 the prosecution evidence or pressurize the 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 shall attend the dates of trial regularly.
The bail application was allowed and disposed of accordingly.