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IN THE HIGH COURT OF JUDICATURE AT BOMBAY, NAGPUR BENCH, NAGPUR
URMILA JOSHI-PHALKE
Vitthal Damuji Mehar – Appellant
Versus
State of Maharashtra – Respondent
JUDGMENT :
URMILA JOSHI-PHALKE, J.
1. By this application, the applicant seeks regular bail in connection with Crime No.217/2019 registered with the non-applicant/police station for offences punishable under Sections 120-B, 409, 420, 467, 468, and 471 of the Indian Penal Code and under Section 3 of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999 (the MPID Act)
2. The applicant came to be arrested on 28.4.2021 and since then he is in jail.
3. The crime is registered on the basis of a report lodged by Dinesh Wasudeorao Padegaonkar. As per the report, co-accused Khemchand Meharkure. the President of “Jai Shriram Urban Credit Co-operative Society Ltd”. (the Society), in connivance with the applicant and other co-accused, misappropriated amount of Rs.79,54,26,963/-. Around 758 depositors disclosed that their deposits aggregating to Rs.29,06,18,748/- were not returned and the amount was misappropriated. The financial irregularities are revealed during investigation under 23 different heads. The crime is registered pursuant to directions issued by learned Magistrate while exercising jurisdiction under Section 156(3) of the CrPC.
4. As per the prose
The court ruled that economic offences necessitate a stringent approach to bail due to their potential for extensive public harm.
Economic offences require a cautious approach during bail considerations, balancing individual rights and public interest due to their profound impact.
The court underscored that in cases of serious economic offences, the gravity of the allegations and the societal impact outweigh individual rights to bail, especially when considerable evidence indi....
The seriousness of economic offences and the need to recover public money and set precedence to deter similar offences.
The delay in trial, seriousness of economic offences, and the larger interest of the public are crucial factors in determining bail applications for serious economic offences.
Bail – Court should be circumspect in granting bail in economic offences.
In economic offences, bail is not a right; the burden rests on the applicant to show no risk of interference with justice or likelihood of guilt, reinforced by the position of the accused.
The judgment established the need for a different approach in bail considerations for economic offences, emphasizing the gravity of economic offences, the need to protect the financial health of the ....
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