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2026:BHC-AS:4985 907-ABA-1775-2025.DOC

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

CRIMINAL APPELLATE JURISDICTION

ANTICIPATORY BAIL APPLICATION NO.1775 OF 2025

Pranay Atul Mehta …Applicant

Versus

The State of Maharashtra …Respondent

Mr. Hrishikesh Subhedar (through Video Conferencing), for the

Applicant.

Ms. Savita M. Yadav, APP, for the Respondent-State.

Mr. Arif Attar, Headconstable, attached to EOW, Pune, present.

CORAM : MADHAV J. JAMDAR, J.

PRONONCEDON: 30^th JANUARY 2026

UPLOADED ON : 31^st JANUARY 2026

JUDGMENT:

1. Heard Mr. Subhedar, learned Counsel appearing for the

Applicant and Ms. Yadav, learned APP appearing for the

Respondent-State.

2. This application is filed under Section 438 of the Code of

Criminal Procedure, 1973 seeking pre-arrest bail in connection

with C.R. No.84 of 2023 registered with Bundgarden Police

Station, Pune, for the offences punishable under Sections 405, 420

read with 34 of the Indian Penal Code, 1860 and Section 3 of the

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Maharashtra Protection of Interest of Depositors (in Financial

Establishments) Act, 1999.

3. Mr. Subhedar, learned Counsel appearing for the Applicant

argued the matter for considerable time. He submitted that the

Applicant is not involved in the crime. He relied on the Applicant’s

statement recorded concerning complaint filed by the Applicant

(Exhibit-D Page 90 to 95). He submitted that in fact the Applicant

is the victim. He submits that although in the account of the

Applicant about 17 persons deposited various amounts aggregating

to about Rs.8,33,36,063/- the said amounts are immediately

transferred in the account of “Ashtavinayak Investment Company”.

He submits that although the main accused i.e. Sevalkumar Nadar

and his wife Sneha Nadar transferred about 5 vehicles in his name

including two Mercedes Cars and one BMW Car, however, the said

vehicles were transferred in his favour for partly repaying various

amount invested by him in the said company. He therefore,

submitted that Anticipatory Bail Application be allowed.

4. On the other hand, Ms. Yadav, learned APP strongly opposes

the Anticipatory Bail Application. She pointed out various

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contentions raised in the affidavit of Mr. Dattatray Bhapkar, Police

Inspector attached to Economic Offences Wing, Unit No.1, Pune

City, Pune. She also points out the annexures annexed to the said

affidavit. She submitted that the offence is serious and custodial

interrogation is necessary.

5. As per the prosecution case, the Applicant is not named in

the FIR. However, the Applicant’s role is revealed during the

investigation. It is the prosecution case that the Applicant was

working as Manager of “Ashtavinayak Investment Company”. Mr.

Selvakumar Nadar was the main person concerned with the said

company. There are total 9 accused. Five accused persons were

working as Direct Selling Agents and/or Assistant Managers. The

modus operandi in which the said company is operating is taking

personal loans from different banks in the name of many persons

under the pretext of investing the said amount and not paying the

installments of the said loans and cheated the said persons. The

present Applicant’s role is set out in paragraph Nos.7 to 15 of the

affidavit dated 22^nd December 2025 filed by Mr. Dattatray Bhapkar,

Police Inspector, EOW, Unit-1, Pune. The said paragraph Nos.7 to

15 are as under:

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“7. I say that the investigation in the said matter

was assigned to me. I say that during the

investigation, Applicant/Accused Pranay Mehta was

working as Manager in Ashtavinayak Investment

Company under main accused Selvakumar Nadar

from February 2018 to October 2019. During this

period and even after leaving the job, accused

Pranay Mehta lured investors by promising high

ret