The court held that the age and health of the applicants, along with the nature of the allegations, justified granting bail despite serious charges under economic offences.

JUDGMENT :

P.C.:

1. Heard Mr. Yende, learned Advocate for Applicants and Mr.Karmakar, learned APP for Respondent – State.

2. This is an Application under Section 439 of the Code of Criminal Procedure, 1973 seeking Regular Bail in connection with C.R. No.467 of 2021 registered with Kolsewadi Police Station for offences under Sections 406, 409, 420 readwith 34 of the Indian Penal Code, 1860 (for short “IPC”) and Section 3 of the Maharashtra Protection of Interest of Depositors Act, 1999 (for short “MPID Act”). Applicant No.1 before me namely Veerath Gopalan Nair aged 80 years is arraigned as Accused No.1 in the crime and incarcerated since 05.10.2021 i.e. 3 years 4 months and 27 days. Applicant No.2 aged 76 years i.e. wife of Applicant No.1 and is arraigned as Accused No.2 in the crime and incarcerated since 07.06.2022 i.e. 2 years 8 months and 25 days.

3. Briefly stated role of Applicant No.1 as per prosecution case is that he is a partner in VGN Jewellers and a Director in VGN Jewellery Private Limited and VGN Chit and Finance Company Private Limited. It is alleged that through these Companies Accused floated various investment schemes and lured investors by offering them gold jewellery or cash with high returns. It is alleged that Applicant No.1 used operate from the Mulund branch of VGN Jewellers. It is alleged that Applicant No.1 through VGN Jewellers mortgaged 66 kg gold for Rs.25 Crores with Federal bank and thereafter sold that gold to other jewellers.

4. Role of Applicant No.2 wife of Applicant No.1 as per prosecution case is that she is 50% shareholder / partner in VGN Jewellers and is Director in VGN Jewellery Private Limited, VGN Chit and Finance Company Private Limited and VGN Agro Dreams LLP. It is alleged that Applicant No.2 used to operate from Ulhasnagar branch of VGN Jewellers and was responsible for the day-to-day activities of the said branch. It is alleged that both Applicants - Accused diverted huge funds into their personal savings accounts held in various Banks which amounts were thereafter either diverted to some other bank accounts or withdrawn in cash by them.

5. FIR is lodged by First Informant Shalini Jaiwant Patil who invested in various schemes floated by VGN Jewellers as she was fetching good returns from the said schemes. It is stated that she got her relatives also to invest in those schemes. She has stated that she alongwith her relatives invested an amount of Rs.66,36,500/- with VGN Jewellers between 2006 to February 2021 and also got handsome returns on the invetments.

6. Mr. Yende, learned Advocate for Applicants would submit that from the statement of the First Informant at page No.63 of the Application it is evident that Applicant No.1 was running a bonafide business since more than three decades and only in 2020 – 2021 due to Covid-19 restrictions and the nation-wide lockdown imposing restrictions the business of Applicant No.1 slumped and faced several setbacks. He would submit that even thereafter as per First Informant herself she was getting returns at the agreed interest rate on her investments with VGN Jewellers until March 2020, which shows that there was no intention to defraud her on the part of Applicant No.1. He would submit pursuant to the onset of Covid-19 pandemic there was a drastic surge in the withdrawals of the invested amounts by investors which added to the difficulties faced by the Applicant No.1.

6.1. He would submit that Applicant No.1 is a senior citizen aged 80 years suffering from various ailments like Parkinsons Disease, Diabetes, Hypertension and Anxiety and this factor may also be considered by the Court for grant of bail.

6.2. He would submit that in so far role of Applicant No.2 is concerned, she was in no way involved in the day-to-day affairs of VGN Jewellers and hence did not have any knowledge about transactions and has been indicted in the offence solely because she is the wife of Applicant No.1 and was a Director in the Companies. He would submit that there is