2026:BHC-AS:21940 IN THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPELLATE JURISDICTION CRIMINAL APPLICATION NO.790 OF 2024 Geeta Kampani ... Applicant versus

1. The State of Maharashtra

2. Parag Vipin Shah … Respondents WITH CRIMINAL APPLICATION NO.191 OF 2024 Parag Shah … Applicant versus

1. Geeta Kampani

2. The State of Maharashtra … Respondents Mr. Sharan Jagtiani, Senior Advocate with Ms. Shraddha Achliya, Ms. Namita Maneshinde, for Applicant in APL 790 of 2024 and for Respondent No.1 in APL No.191 of 2024.

Mr. Sanjeev Kadam, Senior Advocate with Dr. Kshitija Wadatkar, Ms. Varsha Thorat, Mr. Vikrant Khare, Mr. Malay Mishra, Ms. Vidhi Shah, Ms. Khushi Patharia i/by M/s. Kshitija Wadatkar for Applicant in APL No.191 of 2024 and for Respondent No.2 in APL No.790 of 2024.

Mrs. R.S.Tendulkar, APP for State.

Mr. Uttam Mane, PI, Unit No.7, EOW, Mumbai, present.

CORAM: N.J.JAMADAR, J.

RESERVED ON : 7 APRIL 2026 PRONOUNCED ON : 7 MAY 2026

JUDGMENT :

1. These Applications under Section 482 of the Code of Criminal Procedure, 1973 (the Code, 1973) assail the legality, propriety and correctness of the order dated 7 December 2023 passed by the learned Additional Chief Metropolitan Magistrate, 47^th Court, Mumbai, albeit from a diametricaly opposite perspective.

2. The Applicant in APL No.191 of 2024 – first informant, takes exception to the very de-freezing of the accounts of the accused, which were freezed by the IO under Section 102 of the Code, 1973. The Applicant in APL No.790 of 2024 – Accused No.2, calls in question the legality of the order to the extent of the condition to furnish a bank guarantee in the sum of Rs.6.55 Crores for the de-freezing of the accounts.

3. The Applications arise in the backdrop of the following facts :

3.1 Mr. Parag Shah – first informant and Respondent No.2 in APL No.790 of 2024, is the director of M/s. Kimaya Securities & Financial Services Pvt. Ltd., which is engaged in the business of stocks and commodities brokerage. The first informant had known late Pradeep Kampani (A1), husband of Ms. Geeta Kampani (A2) – Applicant in APL No.790 of 2024. Accused Nos.1 and 2 were investing in shares and stocks through the first informant. Over a period of time, the parties developed a bond of trust.

3.2 The first informant alleged, in the year 2011, while accused Nos.1 and 2 were going through the financial difficulties, the accused requested the first informant to lend them some of the stock holdings of the first informant for a period of six months. Accused Nos.1 and 2 had assured to pay interest @ 10% p.a. on the market value of the lent stocks and also return all the corporate benefits on such lent stocks.

3.3 Believing the representations and on account of the fiduciary relationship between the parties, the first informant claimed to have transferred various quantities of shares of several reputed companies to the Demat accounts of accused Nos.1 and 2 during the period 2011 to 2013 . To gain and retain the trust of the first informant, accused Nos.1 and 2 had initially paid certain amounts. Some of the lent shares were returned by accused Nos.1 and 2. However, accused Nos.1 and 2, later on, reneged from their promise and when the lent shares substantially appreciated, accused Nos.1 and 2 refused to return the balance shares.

3.4 As the first informant realized that the shares which were entrusted to accused Nos.1 and 2 were dealt with by the accused Nos.1 and 2, the first informant addressed legal notices to the accused, and, ultimately, lodged a report with the EOW, Unit No.9, which led to the registration of FIR No.39 of 2018 for the offences punishable under Sections 120B, 406, 420 read with Section 34 of the Indian Penal Code, 1860.

3.5 During the course of investigation, in the year 2018, the IO proceeded to freeze the accounts of accused Nos.1 and 2 maintained with HDFC Bank and the mutual funds units held by accused Nos.1 and 2 with the various Asset Management Companies.

3.6 The accused initially filed an applicat