1/13 ABA 1505-21.doc

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

CRIMINAL APPELLATE JURISDICTION

ANTICIPATORY BAIL APPLICATION NO.1505 OF 2021

Manjiri Kaustubh Marathe

.. Applicant

Versus

The State of Maharashtra

.. Respondent

WITH

ANTICIPATORY BAIL APPLICATION NO.1672 OF 2021

Pranav Balwant Marathe

.. Applicant

Versus

The State of Maharashtra

.. Respondent

WITH

ANTICIPATORY BAIL APPLICATION NO.1673 OF 2021

Neena Balwant Marathe

.. Applicant

Versus

The State of Maharashtra

.. Respondent

…

Mr. Manoj Mohite, Sr. Advocate with Chaitanya Pendse for the

applicant in ABA 1505/21.

Mr.A.H.H. Ponda, Sr. Advocate with Reshma Mutha, Meherpuja

Mathur and Nikhil Kulkarni for applicant in ABA 1672/21 and

1673/21.

Mr.A.R. Kapadnis, APP for the State.

Mr.Kuldip T. Pawar for intervenor in both matters.

CORAM: BHARATI DANGRE, J.

DATED : 6^th AUGUST, 2021

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P.C:-

1

‘All that Glitters is not Gold’ is what the investors

who invested amount over Five crores with a prominent Jeweller

in the City of Pune, on an assurance of high returns, have

perceived.

By the three Applications, the applicants are seeking

protection from arrest in connection with C.R.No. 0064/21

registered on 11^th March 2021 with Kothrud police station,

thereby invoking Section 406, 420 read with Section 34 of the

IPC and Section of the Maharashtra Protection of Interest of

Depositors (In Financial Establishments) Act, 1999 [for short ‘the

MPID Act’]

ABA No. 1505/21 is filed by Manjiri Marathe

(Accused no.3) whereas ABA 1673/21 is filed on behalf of Neena

Marathe (Accused no.4) and in ABA 1672/21 – Pranav Marathe

(Accused no.5) is the applicant.

2

Heard learned Senior counsel Mr.Manoj Mohite for

the applicant in first application whereas the other applicants are

represented by learned senior counsel Mr.A.H.H.Ponda. Learned

APP Mr.A.R.Kapadnis is representing the State and learned

Advocate Kuldeep Pawar has filed the application for

intervention and appeared for the complainant.

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3

The subject C.R came to be registered on a complaint

filed by a house wife who was lured in investing money in a

scheme of Fixed Deposit propagated by Pranav Marathe Jewellers

of which Milind Marathe, Pranav Marathe, Kaustubh Marathe

and Neena Marathe are the Directors on being assured of 15%

interest on the deposit. She invested an amount of Rs.29 lakhs

for a period of one year and in the year 2016, re-invested the said

amount on its maturity. Apart from this, she also invested an

amount of Rs.8 lakhs in the scheme totalling to Rs.37 lakhs and

in the year 2017, an amount of Rs.37,80,000/- which was due,

which was again re-invested in the scheme run by Pranav Marathe

Jewellers for a period of one year with an assurance of 15%

returns. Though the date of maturity of the Fixed Deposit

expired, there was no return on repeated request. No explanation

was afforded by those who accepted the amount as to why the

amount was not coming back. Apart from the complainant,

names of several other investors are also mentioned in the FIR

who had invested their amount in the scheme floated by Pranav

Marathe Jewellers and the total amount which was invested by

various investors, which remain unpaid is Rs.5,07,02,970/-.

4

The complaint set the investigation machinery rolling

and it has surfaced that Pravin Marathe Jewellers, a Private

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Limited Company, Laxmi Road is registered and incorporated

under the provisions of the Companies Act in the year 2011-12.

The Directors of the said Company are one Milind Marath