The court ruled that economic offences necessitate a stringent approach to bail due to their potential for extensive public harm.

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 prosecution, the applicant, who is close friend of master mind Khemchand Meharkure, deposited amount Rs.2,38,39,071/- with the Society in his name and in names of family members. The applicant obtained loan of Rs.9,67,28,500/-, which he did not repay. Statements of witnesses reveal that, by hatching conspiracy with other co-accused, the applicant committed misappropriation of the public money and purchased various assets. The applicant has withdrawn huge amounts from the Society and purchased five immovable properties of Rs.10.00 crores. On the basis of the said report, the police registered the crime against the applicant.

5. The applicant approached this Court by preferring an application for grant of regular bail bearing Criminal Application (BA) No.867/2021 and he was released on bail by this court by order dated 13.10.2021.

One Manik M.Sarve and others, challenged the said order before the Hon’ble Apex Court by preferring an appeal registered as Criminal Appeal No.3573/2024 (Special Leave Petition (Cri) No.3945/2022). The Hon’ble Apex Court, considering submissions and analyzing investigation materials, cancelled the bail granted in favour of the applicant. However, liberty was granted to the applicant to apply for bail at a later period or in the event of change in circumstances.

6. Now, the present application is filed by the applicant under change in circumstance that specimen and disputed signatures are forwarded to a Private Handwriting Expert by wife of the applicant and report shows that signature examined are not signatures of the applicant and the same are forged signatures and, therefore, no prima facie case is made out against the applicant. As such, the applicant be released on bail.

7. Heard learned Senior Counsel Shri S.V.Manohar for the applicant, learned Additional Public Prosecutor Shri N.B.Jawade for the State.

8. Learned Senior Counsel for the applicant submitted that the entire case of the prosecution is based on statement of one Prashant Sawai. As per the prosecution, acknowledgments given by the applicant, allegedly on receipt of the money from the Society, are kept by the applicant with said Prashant Sawai. The Society has no record to show that it was the applicant who received the amount. Since the date of arrest, the applicant is behind the bars. The master mind of the crime is already released on bail. The applicant cannot be incarcerated for an indefinite