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IN THE HIGH COURT OF JUDICATURE AT BOMBAY

CRIMINAL APPELLATE JURISDICTION

BAIL APPLICATION NO.2228 OF 2021

Ganesh Mohan Mastud

..

Applicant

Versus

The State of Maharashtra

..

Respondent

…

Mr. Aniket U. Nikam with Aashish Satpute amd Amit Ichan and

Piyush Toshniwal for the applicant.

Mr.S.H.Yadav, APP for the State.

API Pravin Kadam from EOW, Navi Mumbai present.

Mr.Dinesh Mastud, applicant’s brother present in Court.

CORAM: BHARATI DANGRE, J.

DATED : 20^th OCTOBER, 2022

P.C:-

1

The applicant face charges u/s. 409, 420 r/w Section

34 IPC, section 3, 4, 6 of the Prize Chits and Money Circulation

(Banning)Act, 1978 and Section 3 of the MPID Act, 1999 in

C.R.No.27/2020 registered with APMC Police station.

He came to be arrested on 30/1/2020 and suffer

incarceration since then, on his bail application being rejected by

the Sessions Judge, Thane on 2/12/2020.

2

Heard learned counsel for the applicant and the

learned APP for the State.

Tilak

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The prosecution case, which could be discerned from

the charge-sheet surfaces through the First Informant, stating that

she was desirous of investing her late husband’s money and came

to know about the investment firm styled as “Royal Pay” at Vashi.

She approached the said firm on the address mentioned and met

one Mr.Mehul Bhansali. She was informed that Ganesh Mastud

(present applicant) and one Mangesh Chavan were the owners of

the firm and they would handle the money that would be

invested. Accordingly, the complainant parted with a sum of

Rs.5,90,000/- and she gained an entry on the ‘Royal Pay’ website.

She was assured regular returns which in fact, she received for

some days, but thereafter, but one day found the office suddenly

shut.

This resulted in registration of the subject C.R against

five accused persons, four of whom are arrested. The applicant

came to be charge-sheeted as accused no.1.

3

The learned counsel for the applicant Mr.Nikam has

placed on record the two distinct orders passed in case of co-

accused Kunal Baviskar and Mehul Bhanushali, who came to be

released on bail on appreciating the case of the prosecution.

I have perused the said orders and find substance in

the submission of Mr.Nikam that Mehul Bhanushali is attributed

an identical role as the present applicant as Director of BYS Multi

Trading Pvt.Ltd and the argument advanced is, it is not in his

Tilak

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company in which the money was invested by the investors. It

was claimed that there was no connect with Royal Pay Multi

Services, Royal Pay, or other companies in which the investment

was made.

On being confronted that the amount was transferred

to BYS Multi Trading Pvt.Ltd, Mr.Bhanushali expressed his

willingness to deposit the said amount and this being imposed as

a condition for his release, the order came to be passed on

28/2/2022 by the Addl. Sessions Judge, Thane in MPID Special

Case No.290/2020, releasing on bail.

4

The material compiled in the charge-sheet reveal that

the total amount involved in the subject C.R is Rs.44,38,000/-,

and in the affidavit filed by the Officer attached to EOW, he has

given the bifurcation of the amount that was received by different

accused persons. The amount to the tune of Rs.44,38,000/- was

invested by seven investors and as per the affidavit, the applicant

played a significant role in inducing the investors to invest in the

Company and he is alleged to have accepted the amount from two

of the investors to the tune of Rs.2,03,000/-. It is alleged that this

amount which was received in cash, and it was not deposited in

the Company’s bank account, but it was used for his persona