By this application, the applicant is seeking his release on bail under Section 439 of the Code of Criminal Procedure.

2. The allegations against this applicant and others against whom crime bearing No.156/2014 has been registered at Police Station Ambazari on the basis of complaint lodged by one Shri Vivek Ashok Pathak are that the applicant being the Director of Wasankar Wealth Management Private Limited (WWMPL for short) and also in charge of other companies of which he is either the director or proprietor, by making a false representation knowing it to be false, to the gullible investors made them invest their hard-earned money in the various investment schemes floated by his companies and did not return the money so invested in accordance with the promises given by him and thus committed offences of cheating, criminal breach of trust and fraudulent defaults punishable under Sections 420, 406 read with Section 120-B of the Indian Penal Code and also under Section 3 of the Maharashtra Protection of Investors' Deposits Act, 2002 (MPID Act for short). An offence punishable under Section 506 I.P.C. is also registered against the applicant and his associates as one of the a