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

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ON THE 10 OF FEBRUARY, 2026 MISC. CRIMINAL CASE No. 51777 of 2025 JAGANNATH Versus THE STATE OF MADHYA PRADESH Appearance:

Shri S. K. Vyas - Senior Advocate with Shri Vikram Bhatnagar-

Advocate for the applicant.

Shri Romil Verma- G.A. for the State.

Shri Sunil Khandelval- Advocate for the complainant.

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

2] This is the applicant's first bail application filed under Section 483 of B.N.S.S./ 439 of Criminal Procedure Code, 1973, as he / she is implicated in connection with Crime No.804/2022 registered at Police Station Lasudiya, District Indore (MP) for offence punishable under Sections 420, 406 and 409 of IPC and Sections 4, 6(1) of Nikshepakon ke Hiton ka Sanrakshan Adhiniyam, 2000. The applicant is in custody since 30.07.2025.

3] The allegation against the applicant is of fraud, as it is alleged that the applicant, through his Company Swaraj India Real Estate Limited, obtained huge amount from various customers on the pretext of providing higher interest rates, and thereafter, the Company defaulted.

4] Learned senior counsel for the applicant has submitted that the applicant was an employee of the Company from 01.06.2009 to 15.03.2014, and is letter of resignation is also filed on record. It is also submitted that the other co-accused persons, namely, Amit Kumar Pandey and Shivkumar Tiwari have already been granted bail by this Court in M.Cr.C. Nos.10424/2024 and 14980/2024 dated 16.07.2025 and 06.05.2024 respectively, whereas, the applicant himself has already been granted bail by this Court in connection with an identical offence at Crime No.407/2020, which was registered at Police Station Dhamnod, District Dhar, in M.Cr.C. No.7939/2022 dated 18.02.2022. It is further submitted that in such circumstances, when the other accused persons have already been granted bail by this Court, and the applicant has also been granted bail in connection with an identical matter, the present application deserves to be allowed, as the applicant is lodged in jail since 30.07.2025, and is aged 61 years.

5] Counsel for the objector, as also the State, on the other hand, have vehemently opposed the prayer, and it is submitted that looking to the conduct of the applicant, in obtaining a total sum of Rs.1,64,52,150/- from the complainant and the other persons, who had invested through him, no case for grant of bail is made out. It is further submitted that because of the aforesaid offence committed by the applicant and the other accused persons, one person also committed suicide, because he was duped of all his money, and an FIR at Crime No.1869/2022 was also registered against the applicant, and a suicide note was also left by the deceased, stating that due to non-payment of his FD by Swaraj India, he is committing suicide.

6] Heard counsel for the parties, and perused the record.

7] From the record, it is found that the FIR in the present case was lodged on

26.05.2022, in which, the applicant is named along with seven other accused persons, wherein, it was alleged that the accused persons made different companies, namely, Swaraj India Multipurpose Co-operative Society Ltd. and Swaraj India Real Estate Ltd. etc., and through those companies, the innocent investors have been duped of their hard earned money. Counsel for the objector has also relied upon three farari panchnamas of the applicant, in connection with Crime No.407/2020, whereas, the applicant was granted anticipatory bail by this Court in connection with Crime No.407/2020, only on 18.02.2022. It is also found that since the other accused persons have already been granted bail by this Court on the ground that the witnesses are not turning up in the Trial Court, however, in the aforesaid bail application, the accused persons were lodged in jail since 10.04.2023 and 06.03.2023, whereas, the applicant is arrested only on 30.07.2025, but considering the