The MPID Act applies to Multi-State Co-operative Societies, holding directors accountable for financial mismanagement and misappropriation of investments.

1. All these three Bail Applications are filed by the same Applicant seeking his release in three distinct CRs, two of which are registered with Baramati City Police Station and one registered with Phaltan Police Station, thereby invoking Sections 4 06, 409, 420, 467, 468 read with Section 3 4 of the Indian Penal Code (“IPC”) and Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999 (“the MPID Act”). The two cases registered with Baramati City Police Station have culminated into Special MPID Case Nos.1 and 2 of 2019. Since the nature of accusations faced by the Applicant is similar in nature in all the three CRs, the Applications were tagged together and argued collectively by learned counsel for the Applicant and learned A.P.P. The Applications are disposed of by this common order.

2. In C.R. No.138 of 2019 registered with Baramati Taluka Police Station, the Complainant is one Anisha Aslam Shaikh, who allege that she has established a Mahila Bachat Gat under Mahalaxmi Narayan Mahila, Pune, which is controlled by Success Group, Pune. The Bachat Gat comprised of women members, who contributed a fixed amount of Rs.200/- per month, which was deposited by the Complainant with one Mahadeo Dhavale of Success Group in the Khandala Branch. It is alleged that the founder of Success Group – Shivaji Dhamdhere and the Chairman, Mandarani Dhamdhere interacted with the women members of the Bachat Gat and introduced them to employment scheme and persuaded the members to deposit their amounts in bank account of Shivaji Success Pvt. Ltd. Thereafter, the founder of Success Group, Shivaji Dhamdhere and the Chairman, Mandarani Dhamdhere established, Shivjeet Mudra Multi-State Credit Co- operative Society. In order to induce the members, a rosy picture was painted that interest at the rate of 9% per annum would be paid on the fixed deposit and 5% interest would be paid on the saving and current accounts.

3. In C.R. No.142 of 2020, the Complainant is one Vidya Namdeo Sapkal, who was also a member of Success Group’s Mahalaxmi Narayan Mahila Mahasangh Pune, Branch Phaltan and it is alleged that Shivaji Dhamdhere and Mandarani Dhamdhere of the said Mahasangh arranged a programme in Phaltan inducing the investors in Shivjeet Mudra Multi State Credit Co-operative Society Limited, which was operating in the States of Maharashtra, Gujarat and Karnataka. The Complainant allege that the Applicant is the CEO of the Society and actively participated in the whole propaganda. On assured of the returns, six Bachat Gats of 15 women each in Phaltan and Mahabaleshwar collected Rs.200/- per month from every member and deposited it in the said Society. The investment was for one year, supported by the receipt of the deposits. On maturity of the deposits, when the Complainant contacted the Dhamdheres and the present Applicant, they assured to return the money soon, but money was never returned.

4. In C.R. No.296 of 2019 registered with Baramati City Police Station, the Complainant is one Bhakti Prakash Kshirsagar, resident of Baramati, who was informed about the Success Group and Mahalaxmi Narayan Mahil Mahasangh Bachat Gat and on a meeting being arranged with Dhamdheres, who convinced the Complainant and other women folks accompanying her, that they will create employment through the Success Group on stipulation that every member of Bachat Gat will have to contribute an amount of Rs.200/- per month and, on completion of one year, they will be entitled to get Rs.2,688/- i.e. interest at 12% per annum. The Bachat Gat came to