Bombay High Court Grants Regular Bail in Major Pune Investment Fraud Case
The Bombay High Court has granted regular bail to Majid Usman Attar, a co-accused in a significant investment fraud case involving Rs1.53 crore. The case was originally registered by the Kondhwa police in Pune back in 2023.
Details of the Investment Fraud Scheme
Attar, along with the prime accused and three other individuals, faces serious charges for allegedly luring depositors with promises of exceptionally high returns on investments. These investments were to be made in a business firm operated by the prime accused. However, the accused parties completely failed to deliver on their financial promises, leaving investors with substantial losses.
The primary complainant in this case is Firoz Hasan Shaikh. According to the official charges, Shaikh invested the entire sum of Rs1.53 crore with the accused between March 5 and March 10, 2020. The state's case further outlines that Shaikh's friends were also victimized:
- Riyaz Inamdar invested Rs25 lakh
- Rafique Ansari invested Rs15 lakh
- Baba Shaikh Abdul Kampali invested another Rs15 lakh
These investments were made in cash. Additionally, another individual named Abdul Basit invested Rs53 lakh into the fraudulent scheme.
Legal Proceedings and Bail Application
Based on Shaikh's formal complaint, the Kondhwa police registered a comprehensive case under relevant sections of the Indian Penal Code and the Maharashtra Protection of Interest of Depositors (MPID) Act. The legal journey for Attar saw an initial setback when a sessions court in Pune rejected his bail application on May 8, 2024.
This rejection prompted Attar to seek relief from the higher judiciary. He approached the Bombay High Court through his legal counsel, advocate Aashutuosh Srivastava, to challenge the lower court's decision.
High Court's Reasoning for Granting Bail
After carefully hearing arguments from both sides, a bench presided over by Justice Shivkumar Dige delivered its judgment on January 30. The court provided detailed reasoning for granting bail to Attar.
The bench explicitly noted: "The allegations against the applicant (Attar) are that he received Rs10 lakh in his bank account from the co-accused. The applicant has deposited said amount with the court registry to demonstrate his bona fide intentions."
The court emphasized several critical factors in its decision. Firstly, Attar has been incarcerated for more than one year and nine months. Secondly, there has been no meaningful progress in the actual trial of the case. The bench stated, "To establish the involvement of the applicant in the crime, concrete evidence is required. There are no specific allegations against the applicant indicating that he directly induced the first informant (Shaikh) and the other investors to deposit money into the company."
Conditions of the Bail Order
The High Court directed Attar's release on bail under specific, stringent conditions. He must furnish a personal recognizance (PR) bond of Rs25,000 along with one or two solvent sureties for the same amount.
Furthermore, the court has imposed crucial restrictions on Attar's conduct while on bail. He is expressly prohibited from tampering with evidence in any manner and from influencing prosecution witnesses. Additionally, Attar must report to the concerned police station whenever summoned by the investigating authorities.
This ruling highlights the judiciary's careful balance between ensuring an accused's right to liberty before trial and safeguarding the integrity of the ongoing investigation into this multi-crore investment fraud.
