JUDGMENT

Sarang V. Kotwal, J. - This is an application for setting aside the condition of depositing Rs.22 Lakhs as a condition precedent for being released on bail. The second prayer is for the Applicant's release on bail in connection with C.R.No.I-101/2018 registered at Manmad City Police Station, District-Nashik.

2. Heard Dr. Abhinav Chandrachud, learned Counsel for the Applicant, Shri Chetan Damre, learned Counsel for the Intervenor and Shri Ajay Patil, learned APP for the State.

3. The Applicant was arrested in connection with the above offence on 9.3.2019. The offence was registered under Sections 420, 120-B read with 34 of the Indian Penal Code.

4. The FIR was lodged by one Prashant Katkade on 31.5.2018. He has stated that he was in the business of construction and development. He wanted a project loan for his business. He came in contact with one of the accused Prakash Jadhav. The informant met him at Manmad. The accused Prakash Jadhav represented to the informant that he was representative of M/s. Cobra Financial Solution, Branch Walsad, Gujarat. He told the informant that through the Chief Officer of the said financial company he could get the loan of Rs.5 Crores @ 6% per an