ORDER

1. By this application the applicant (Accused no1 ) is seeking bail under section 167(2) of the Criminal Procedure Code (Cr.P.C.) in Crime no 153/2021 PS Koregaon Park Pune, for the offence punishable under section 406, 409,420 read with Section 34 of Indian Penal Code (IPC) and Section 3 and 4 of the Maharashtra Protection of Depositors Act (MPID Act). The learned Special Judge at Pune by order dated 07.01.2022 has refused to release the applicant on default bail under Section 167(2) of CrPC.

2. The aforesaid crime is registered on the basis of the complaint dated 27.10.2021 lodged by the intervenor Yogesh Vishnu Dixit. The applicant is a builder by profession. According to the informant the applicant with his wife Dimple Somaji (Accused no 2) had induced him to invest amount in their venture M/s M.G. Enterprises and had accepted deposits from the informant and others assuring 24% p.a. returns. The informant claims to have invested a total amount of Rs.4000000/- for which returns were paid from 2016 to 2018. The informant had inverted a further amount of Rs. 500000/- in 2019. The applicant and the co-accused had failed to repay the principle and the interest amounting to Rs.66