IN THE HIGH COURT OF JUDICATURE AT PATNA CRIMINAL MISCELLANEOUS No.61930 of 2024 Arising Out of PS. Case No.-738 Year-2017 Thana- KOTWALI District- Patna ======================================================

Rakesh Maini Son Of Tilak Raj Maini Resident Of Village - 305, Blue Diamond, Juhu Tara Road, P.S. - Santacruz (West), District - Mumbai Saburban ... ... Petitioner/s Versus

1. The State of Bihar

2. Mukesh Kumar Son of Late Ram Prasad Sharma Resident Of Azad Path, Saristabad, P.S. - Gardanibagh, District - Patna ... ... Opposite Party/s ======================================================

Appearance :

For the Petitioner/s : Mr.Nikhil Kumar Agrawal, Advocate Ms.Aditi Hansaria, Advocate Mr. Keshav Bharadwaj, Advocate For the State : Mr.Uday Pratap Singh, APP For the O.P. No. 2 : Mr. Sanjay Kumar Pandey, Advocate ======================================================

CORAM: HONOURABLE MR. JUSTICE SOURENDRA PANDEY

CAV JUDGMENT

Date : 26-02-2026 Heard Mr. Nikhil Kumar Agrawal, learned counsel assisted by Ms. Aditi Hansari, learned counsel for the petitioner, Mr. Uday Pratap Singh, learned APP for the State and Mr. Sanjay Kumar Pandey, learned counsel for the O.P. No. 2.

2. The present application has been filed for following relief(s):-

“That the present application is being filed for quashing the order dated 05.12.2022 passed by Learned Chief Judicial Magistrate, Patna, in G.R. Case No 8223/2017 arising out Kotwali P.S. Case No 738/2017 whereby cognizance has been taken under 406, 409, 467, 468, 420 and 120(B) of Indian Penal Code, 1860 and Section 3 of the Bihar Protection of Interest of Depositors Act, 2002 (hereinafter referred to as the "Impugned Order") against the Petitioner as well as for setting aside the entire criminal proceedings against the Petitioner.”

3. That the prosecution case, in brief, is that almost four years prior to institution of the present case, the petitioner’s mother, Jaimala Devi, had invested a sum of Rs. 8,62,000/- with Bharat Capital Services Ltd., a company duly registered with the Registrar of Companies, Mumbai. Upon such investment, the Company issued certificates to the investors reflecting booking of plots under various schemes, incorporating detailed terms and conditions relating to booking advance, buy- back date, units/area in Sq. Ft. and the expected buy-back/resale amount. It is alleged that the Company floated multiple schemes including M.I.S., fixed deposit and recurring deposit schemes, thereby inducing investors to deposit money periodically on the assurance of return of principal amount, interest or allotment of booked plots upon maturity.

4. It is the specific allegation of the prosecution that the Directors of Bharat Capital Services Ltd., namely Rakesh Maini (petitioner) along with others, in furtherance of a premeditated conspiracy, dishonestly induced innocent investors to invest their hard-earned money and thereafter failed to honour the commitments made under the schemes. The Directors allegedly misappropriated the invested funds by diverting the same for their personal gain and by illegally acquiring properties, thereby causing wrongful loss to the investors. Even after expiry of the maturity period, neither the maturity amount was returned nor possession of the booked plots was handed over, which prima facie establishes fraudulent intention from the inception.

5. The prosecution further alleges that the Area Manager, Saket Kumar, and the Branch Manager, Kanhai Prasad Singh, in active collusion with the Directors, collected huge sums from various investors and facilitated deposit of the same with the Company, thereafter embezzling the deposited amounts while receiving commissions. The informant has furnished a list of twelve investors and has further alleged that several other investors had deposited crores of rupees with the Company but were cheated in a similar manner. It is also alleged that the petitioner was operating B.G.N. (Bharat Gaurav Nirman) Multi State Housing Cooperat