The court emphasized the necessity for undertakings to fulfill contractual obligations in granting anticipatory bail despite serious allegations of fraud and misappropriation.

JUDGMENT :

MADHAV J. JAMDAR, J.

1. Heard on earlier dates Mr. Ponda, learned Senior Counsel appearing for the Applicant in Anticipatory Bail Application No.1564 of 2025 (Accused No. 4 and 5), Mr. Mundargi, learned Counsel for the Applicant in Anticipatory Bail Application No.1570 of 2025 (Accused No. 1 and 2) and Mr. Nimbalkar, learned Senior Counsel appearing for the Applicant in Anticipatory Bail Application No. 1651 of 2025 (Accused No.3), Ms. Yadav, learned APP and Mr. Karmakar, learned APP, Mr. Abhay Khandeparkar, learned Senior Counsel a/w Mr. Vaibhav Ugale, learned Counsel appointed as amici curiae to represent interest of the flat purchasers and Mr. Budhwani, learned Counsel for the Intervenor.

2. By these Applications filed under Section 482 of the Bharatiya Nagarik Suraksha Sanhita, 2023 (“ BNSS ”), the Applicants are seeking pre-arrest bail in connection with C.R. No.922 of 2024 registered with Lonikand Police Station, Pune City, for the offences punishable under Sections 406 , 409, 420 read with Section 3 4 of the INDIAN PENAL CODE , 1860 (“IPC”), Sections 3 ,5, 8 and 13 of MAHARASHTRA OWNERSHIP OF FLATS ACT , 1963 (“MOFA”) and under Sections 3 of Maharashrta Protection of Interest of Depositors, Act 1999 (“MPID”).

3. The prosecution case is set out in paragraph Nos. 3(a) to (s) of Anticipatory Bail Application No. 1564 of 2025, which reads as under :

“a. Pranay Prakash Singhi, Sushil Eknath Ghule, Abhijit Vasant Shende and the present Applicants run a construction company known as SSG Realty and Infra LLP and have their offices at Survey Nos. 8/3/2, 8/3/3, Vellore Towers, Keshav Nagar, Mundhwa, Pune (hereinafter referred to as the "said Firm").

b. In the year 2014, the said Firm commenced the construction of a new building project known as 'Suburbia Estate' located at Gat No. 501, Nagar Road, behind Wakefield Company, Lonikand, Pune (hereinafter referred to as the "said Project"). The said Project is registered with the Real Estate Regulatory Authority (RERA) bearing RERA registration No. P 52100002391.

c. The Informant learned about the said Project through billboards/hoardings put up in the vicinity of the said Project.

d. Sometime in January 2015, the Informant and his wife visited the office of the said Project for purchasing a flat and met a person named Mr. Deepak Singh from the sales team of the said Firm.

e. Mr. Deepak Singh attended to the Informant and his wife and showed them the said Project and provided them with all the relevant and necessary information in respect of the said Project.

f. During the said visit, the Informant and his wife decided to book a flat in the said Project, being Flat No. 601, 6th Floor, ‘B' Building, admeasuring 61.22 sq.mtr., along with 9.94 sq.mtr. terrace and 9.29 sq.mtr. parking space, costing a total of Rs.36,11,750/- and decided to buy the same at the quoted price (hereinafter referred to as the "said Flat").

g. Accordingly, on 29 January 2015, the Informant paid an amount of Rs.2,00,000/- via cheque drawn on his bank account with ICICI Bank, Satara Road, Pune, bearing bank account no. 033701500891 in the name of said Firm and booked the said Flat.

h. As far as the balance amount towards the consideration of the said Flat was concerned, the Informant was introduced to the one of the employees of ICICI Bank, namely Mr. Sagar Bhadakwad by Mr. Deepak Singh. Upon instructions by the Informant, Mr. Sagar Bhadakwad prepared a loan file for the balance consideration amount of Rs.30,72,671/- in favor of the Informant.

i. Subsequently, on 13 February 2015, ICICI Bank, Bhandarkar Road, Pune approved the loan and transferred an amount of Rs. 3