Ajay IN THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPELLATE JURISDICTION CRIMINAL APPLICATION NO. 501 OF 2022 Sunil Kundan Singh Giri .. Applicant Versus Jairaj Bafna and Anr. .. Respondents WITH CRIMINAL APPLICATION NO. 377 OF 2022 Sunil Kundan Singh Giri .. Applicant Versus Sunil Rikabchand Jain and Anr. .. Respondents ....................

 Mr. Karansingh Rajput a/w Mr. Ibrahim Shaikh & Mr. Dhananjay Kadam i/b Mr. Mayur Sanap, Advocates for Applicant in Criminal Application Nos.501 of 2022 & 377 of 2022.

 Mr. Niranjan Mundargi a/w. Ms. Keral Mehta, Mr. Rajiv Hingu &

Mr. Deepraj Shetye, Advocates i/by L. H. Hingu & Co. for Respondent in Criminal Application No.501 of 2022.

 Mr. Sanjog Parab, Senior Advocate i/by Mr. Mohan Rao, Sulbha Rane, Ms. Sakshi Baadkar, Mr. Sangram Parab and Mr. Pranjal Pandey, Advocates for Respondent No.1 in Criminal Application No.377 of 2022.

 Ms. Sangita E. Phad, APP for Respondent No.2 – State.

 PSI – Palve, Vile Parle Police Station present.

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CORAM : MILIND N. JADHAV, J.

DATE : AUGUST 8, 2025 P. C . :

1. Heard Mr. Rajput, learned Advocate for Applicant, Mr. Mundargi, learned Advocate for Respondent No.1 in Criminal Application No.501 of 2022; Mr. Parab, learned Senior Advocate for Respondent No.1 in Criminal Application No.377 of 2022 and Ms.

Phad, learned APP for Respondent No.2 – State.

2. This is a group of two Interim Applications filed by Applicant – Original Complainant – Sunil Giri seeking cancellation of the following impugned orders passed by the learned Sessions Court, Dindoshi, Mumbai in connection with FIR No.755 of 2022 registered on 21.07.2022 with Vile Parle Police Station for the offences punishable under Sections 420, 409, 465, 467, 468, 471 read with Section 120B of the Indian Penal Code, 1860 (for short ‘IPC’). (i) Order dated 08.08.2022, granting anticipatory bail to Respondent – Accused No.3 (Jairaj Bafna). The said impugned order is appended at Exhibit ‘C’ – page 87 of Criminal Application No.501 of 2022.

(ii) Order dated 18.08.2022 granting regular bail to Respondent – Accused No.4 (Sunil Jain). The said impugned order is appended at Exhibit ‘C’ – page 89 of Criminal Application No.377 of 2022.

2.1. These Applications are heard alongwith Anticipatory Bail Application Nos.2677 to 2022; 2754 of 2022; 2857 of 2022; 3537 of 2023; 2723 of 2022; 2669 of 2022; 2682 of 2022 and 2751 of 2022 wherein both private Respondents are Applicants. I have passed orders today itself in the above ABAs and allowed the same.

2.2. To appreciate and adjudicate the present Applications, it would be necessary to consider the brief facts relevant for adjudication which are in a very narrow compass. Applicant is the same in both these Applications which arises out of the same cause of action. Hence these Applications are disposed of by this common order.

2.3. Applicant was introduced to Accused Nos.3 and 4 by Mr. Umesh Malaye and was advised to invest in ‘Future and Options’ trading. It is stated by Applicant that though he filled the account opening forms, he did not submit them. While Applicant and his wife were abroad, Accused No.3 informed him that a Demat Account was opened in the name of his partnership firm – Blue Sea International. Applicant stated that he did not submit the forms, to which Accused No.3 replied that process was initiated and it would require formal submission of documents. Applicant agreed to this and subsequently transferred large sums to Artha Vriddhi Securities Ltd. (for short ‘AVSL’) as investments for trading. It is admitted that both Accused persons from time to time sent to the Applicant his account’s profit and loss statement.

2.4. However in June 2021, Applicant discovered that the Accused persons were not trading as instructed and had sent fabricated reports to him. Hence he demanded a refund of Rs.1,47,09,150/- after deducting loss of Rs.79,62,049/- from the balance amount of Rs.2,26,71,200/- as reflecting in his account by a set-off. However both Accuse