30. BA 1893-2021.doc

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

CRIMINAL APPELLATE JURISDICTION

CRIMINAL BAIL APPLICATION NO. 1893 OF 2021

Ali Nawaz Imamhusain Sayyed

...Applicant

Versus

The State of Maharashtra

...Respondent

ALONGWITH

CRIMINAL INTERIM APPLICATION NO. 2334 OF 2021

Sarfaraz Amir Shaikh

...Applicant

Versus

The State of Maharashtra

...Respondent

ALONGWITH

CRIMINAL INTERIM APPLICATION NO. 2333 OF 2021

Fahim Ahemad Maksud Ahemad Siddiqui and Anr. ...Applicants

Versus

The State of Maharashtra

...Respondent

Mr. Rajendra Rathod a/w Mr. Sohail Ahmed for the Applicant in

BA/1893/2021.

Mr. Ritesh Thobde for the intervenor in BA/2334/2021.

Mr. Prashant C. Mohite a/w Mr. S.Turkey Illahi for the Applicant in

IA/2333/2021.

Ms. Anamika Malhotra, A.P.P for the Respondent-State.

Mr. Ghadage, API, EOW, Solapur City.

CORAM : REVATI MOHITE DERE, J.

DATE : 29

^th SEPTEMBER, 2021

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RUPALI

RAJESH

WAKODIKAR

Digitally

signed by

RUPALI

RAJESH

WAKODIKAR

Date:

2021.10.05

15:01:57

+0530

30. BA 1893-2021.doc

P.C. :

1.

Heard learned Counsel for the parties.

2.

By this application, the applicant seeks his enlargement on bail

in connection with C.R. No. 151 of 2020 registered with the Vijapur Naka

Police Station, Solapur, for the alleged offences punishable under Sections

420, 406, 120B, 34 of the Indian Penal Code; and Sections 3 and 4 of the

Maharashtra Protection of Interest of Depositors Act, 1999.

3.

Learned Counsel for the applicant submits that the allegations

as against the applicant are false and baseless. He submits that infact, the

applicant was induced by co-accused Akibkhan to become a Director of Al-

hilal Business Concept Pvt.Ltd, Solapur, pursuant to which, he became the

Director. He submits that infact, the applicant’s family believing Akibkhan

invested a sum of Rs. 54,00,000/- in the said company i.e. Al-hilal

Business Concept Pvt.Ltd, Solapur, at the behest of Akibkhan. He further

submits that the applicant on realizing that Akibkhan had transferred

money from the Al-hilal Business Concept Pvt.Ltd, Solapur to Barkat Goat

Farm of which, Akibkhan was the sole proprietor and was not paying the

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investor’s amount, filed a complaint as against Akibkhan with the Vijapur

Naka Police Station, Solapur, on 8^th January, 2020. Learned Counsel relied

on page 1200 in support of the said statement. He submits that the

applicant has no antecedents and that from 2016, the applicant was working

with the Electricity Board. He further submits that infact, at the instance of

Akibkhan, not only the applicant and his family members invested with

Al-hilal Business Concept Pvt.Ltd, Solapur, but several of his relatives

have also invested in the said scheme, believing Akibkhan.

4.

Learned APP opposes the application. Learned APP has filed

an affidavit of Tukaram Dadaso Ghadage, API, presently attached to the

Economic Offences Wing, Dist.Solapur City, to show the complicity of the

applicant in the alleged crime. She submits that till date, 26 investors have

come forward and the amount involved is 1,49,35,000/-. In para 10 of the

said affidavit, it is stated that the applicant and the accused persons’

property valued at Rs.1,03,84,168/- is secured during the investigation.

She further states that there is a likelihood of more investors coming

forward.

5.

Perused the papers. According to the complainant – Sarfraj

Amir Shaikh, the Directors of Al-hilal Business Concept Pvt.Ltd, Solapur

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i.e. the applicant and Akibkhan Harunkhan Pathan have cheated him as

well as 25 other investors, by inducing them to invest monies in the said

company and by promising huge returns in a short period of time. The

complainant has stated that he alongwith 25 investors have been cheated

for an amount of Rs.1,49,35,000/-. Pursuant to the said complaint, the

aforesaid C.R. has been registered as a