2025:BHC-AS:20080-DB Digitally signed by ARUNA A SAR NU DN EA EP S TAA LN WD AE LE KP A R Cr.APPEAL350.2025.odt TALWALKAR Date:

2025.05.03

12:35:32 +0530 IN THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPELLATE JURISDICTION CRIMINAL APPEAL NO. 350 OF 2025 Smt. Neelam Rajendra Nanaware.

Age : 58 yrs..

R/at Flat No. A/302-303, New Kalparaj Apartment, Vallipir Road, Opp. Zozwala Petrol Pump, Bailbazar, Kalyan, Thane 421301. … Appellant.

Versus The State of Maharashtra.

(Through EOW Mumbai). … Respondent.

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Mr. Chaitanya Pendse, Advocate for the Appellant.

Mr. Vinod S. Chate, APP for Respondent/State.

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CORAM : RAVINDRA V. GHUGE AND ASHWIN D. BHOBE, JJ.

RESERVED ON : 25th APRIL, 2025 PRONOUNCED ON : 2nd MAY, 2025.

JUDGMENT : (PER ASHWIN D. BHOBE, J)

1. Heard Mr. Chaitanya Pendse, Advocate for the Appellant and Mr. Vinod S. Chate, learned APP for the Respondent State.

2. Admit. By consent of parties matter taken up for final hearing.

3. By the present appeal filed under Section 11 of the Maharashtra Protection of Interest of Depositors (In Financial Establishment ) Act, 1999 (for short “MPID Act”), Appellant assails the order dated 20.03.2025 (for short “impugned order”), passed by the Designated Court under MPID Act, City Civil and Sessions Court, Mumbai (for short “Trial Court”), by which the Trial Court has dismissed the application dated 15.01.2025 (Exh. 35) filed by the Appellant under Section 227 of the Code of Criminal Procedure, 1973 ( for short “Cr.P.C.”), seeking discharge in MIPD Special Case No. 23/2020 from offences charged under section 406, 420, r/w section 34 of the Indian Penal Code, 1860 (for short “IPC”), Section 3 and Section 4 of the MPID Act.

Case of the Prosecution:-

4. Mr. Rajendra Pawar, Mr. Prakash Dighe, Mr. Setu Nair and Mr. Mahesh Kedari (Accused Nos. 1 to 4), Directors of M/s SOAR System Private Limited ( for short “the Company”), were introduced to the Complainant Mr. Sandeep Ramchandra Rane, by the agent of the Company by name Shweta Ghadigaonkar, who explained to the Complainant about the hosiery scheme of the Company. According to the Directors of the Company if money was invested in the said hosiery scheme, investors would earn five times of the invested amounts, within a period of six weeks. Complainant inspired by the said representations, on 16.02.2002, invested Rs. 30,000/- in the said scheme of the Company. A total of 181 investors invested an amount of Rs. 62,14,040/- in the said hosiery scheme of the Company. Directors of the Company failed and neglected to return, the promised returns as agreed on the deposits. Investors were duped by the Company and its Directors, by playing fraud upon the investors. On report of the Complainant Mr. Sandeep Ramchandra Rane, the Respondent, registered Crime No. 44/2004 under Section 406, 420, 34 of the IPC r/w Section 3 and 4 of the MPID Act against the Directors Mr. Rajendra Pawar, Mr. Prakash Dighe, Mr. Setu Nair, Mr. Mahesh Kedar, Additional Director the Appellant herein and the Beneficiary Mrs. Saumini Setu Nair.

5. Charge-sheet was filed before the Trial Court on 19.08.2005, which is almost 20 years ago, and the same is registered as Special Case No. 23 of 2005. Appellant is arrayed as Accused No. 5.

6. In the year 2006, Appellant filed Criminal Writ Petition No. 1170 of 2006, before this Court seeking quashing of FIR bearing Crime No. 44 of 2004. Said Criminal Writ Petition was withdrawn by the Appellant with liberty to avail appropriate remedy as available in law.

7. Prosecution submitted Draft-charge in Special Case No. 23 of 2005, before the Trial Court on 09.09.2024. Prosecution proposed three charges, which are extracted herein below :

“Firstly : That the accused at Mumbai, namely 1) Setu Padmanabhan Nair (Expired) (Director) 2) Prakash Narayan Dighe (Director), (3) Rajendra Yashwant Nanavare (Director), (4) Mahesh Shantaram Kedari (Director), at the office of M/s. Sour System Pvt. Ltd situated at 8, Maryland Corner, Near Eastern Express High, Near Yogi R