IN THE HIGH COURT OF MADHYA PRADESH AT INDORE BEFORE HON'BLE SHRI JUSTICE SUBODH ABHYANKAR

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ON THE 27 OF JANUARY, 2026 MISC. CRIMINAL CASE No. 59890 of 2025 VIRENDRA SAXENA Versus THE STATE OF MADHYA PRADESH Appearance:

Shri Nitin Singh Bhati - Advocate for the applicant.

Shri Harish Singh Rathore - G.A. for the State.

Shri Ashish Agrawal - Advocate for the respondent [OBJ].

ORDER

1. They are heard. Perused the case diary / challan papers.

2. This is first bail application filed by the applicant under Section 483 of Bhartiya Nagrik Suraksha Sanhita, 2023 (439 of Cr.P.C.) as he/she is implicated in connection with Crime No.401/2025 registered at Police Station M.G. Road, Indore (MP) for offence punishable under Section 316(2)

and 318(4) of BNS, 2023. The applicant is in custody since 10/12/2025. 3. The allegation against the applicant is of fraud to the tune of Rs.9,77,25,000/- with as many as 16 persons, who invested in share market through the applicant as the applicant had lured them of high returns.

4. Counsel for the applicant has submitted that the applicant is engaged in the business of trading of equity/commodity through SEBI registered brokers on registered stock exchanges, and the complainants were having good relations with the applicant and had invested their money with him for investment in share market and there was no malafide intention on the part of the applicant to cheat the complainants. It is submitted that the amount received by the applicant was on various agreements only and he had also given the parties postdated cheques and thus, it cannot be said that there was any malafide intention on the part of the applicant. Counsel has submitted that all the complainants are well educated and they were also returned various amounts by the applicant from time to time towards their investment and presently also, the applicant is ready to return the amount but due to his is in incarceration, he is not able to proceed further with his investments. Counsel has also drawn the attention of this Court to a chart, in which, various amounts have been returned by the applicant to the complainants and infact around 69.01% amount has been returned by him to various persons and around 30.99% amount still remains to be paid to them. It is also submitted that some of the investors were given more than the amount invested by them, which is also reflected from the said chart. It is further submitted that the applicant is lodged in jail since 10/12/2025 and final conclusion of the trial is likely to take sufficient long time, therefore, it is prayed that the application be allowed and the applicant be released on bail.

5. Counsel for the respondent / State as also the State, on the other hand have vehemently opposed the prayer and it is submitted that looking to the huge amount obtained by the applicant on false pretext wherein various investors were duped of their hard earned money, and the applicant was not having any license or registration by SEBI to handle such financial transactions, no case for grant of bail is made out.

6. Heard. Having considered the rival submissions and perusal of the case diary as also the documents filed on record, and considering the fact that the applicant had obtained the amount after entering into agreements with the complainants on various dates and he has also returned various amounts to them from time to time, and his properties have also been seized, and that the applicant is lodged in jail since 10/12/2025 and also that the final conclusion of the trial is likely to take sufficient long time, without reflecting anything on the merits of the case, the application filed by the applicant is hereby allowed.

7. The applicant is directed to be released on bail upon furnishing a personal bond in the sum of Rs.25,000/- (rupees twenty five thousand) with one solvent surety of the like amount to the satisfaction of the trial Court for his/her regular appearance before the trial Court during trial with a conditio