Bombay High Court

MUKUND CHANDRAM BHAMBARversusTHE STATE OF MAHARASHTRA

Decided: 31 August 2026
Disposal: Allowed

Holding

The Court held that anticipatory bail is warranted and granted to the applicant, subject to strict conditions.

Summary

Mukund Chandram Bhambar applied for anticipatory bail under Section 482 of the Bharatiya Nagarik Suraksha Sanhita, 2023, in connection with a 2022 FIR alleging offences under IPC sections 406, 409, 420 and 34, and Section 3 of the Maharashtra Protection of Interest of Depositors Act. The applicant claimed he was a victim who had invested Rs.1 crore in a scheme run by Shrimant Bazar (OPC) Private Limited, with Rs.35 lakh still outstanding, and that the alleged commission of Rs.53 lakh was actually repayment of his own investment. He asserted full cooperation with the Economic Offence Wing, having attended the police station about 30 times, and pointed out that the main accused had already been granted bail. The State argued that the applicant lured other investors and received a commission of Rs.53 lakh, thereby implicating him as a co‑accused. After reviewing the record, the Court concluded that the applicant’s cooperation, lack of prior criminal antecedents, and the fact that other co‑accused were on bail justified granting anticipatory bail, subject to stringent conditions. The order directed the applicant to furnish a bail bond, attend the police station on specified dates, provide contact details, refrain from influencing witnesses, and not leave India without permission.

Issues considered

Whether anticipatory bail can be granted under Section 482 of the Bharatiya Nagarik Suraksha Sanhita in the present economic offence case
Whether the applicant, who also invested in the scheme, should be treated as a co‑accused or a victim
Whether the applicant’s cooperation with the investigating agency and lack of prior criminal record justify bail
Whether imposing conditions such as surety, reporting, and non‑interference with witnesses is appropriate

Legislation cited

Bharatiya Nagarik Suraksha Sanhita, 2023 — s. 482
Indian Penal Code, 1860 — s. 34, 406, 409, 420
Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999 — s. 3

Subjects

anticipatory bail
Section 482
economic offence
fraud
IPC 406
IPC 409
IPC 420
Maharashtra Depositors Act
bail conditions

Judgment

32.ABA-2118.26.DOC

Digitally signed
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
by PRACHI
PRACHI PRANESH
PRANESH
NANDIWADEKAR
NANDIWADEKAR CRIMINAL APPELLATE JURISDICTION
Date: 2026.09.01
16:19:20 +0530
ANTICIPATORY BAIL APPLICATION NO. 2118 OF 2026

Mukund Chandram Bhambar … Applicant
V/s.
State of Maharashtra …. Respondent

______________________
Mr. Satyavrat Joshi i/by Mr. Samay Pawan, for the Applicant
Mr. Mayur Sonavane, APP, for the Respondent-State.
Mr. Adsul, API attached to EOW Pimpari-Chinchwad Police
Commissionerate present.
______________________

CORAM : MADHAV J. JAMDAR, J.
DATED : 31 AUGUST 2026
P. C. :-

1. Heard Mr. Joshi, learned Counsel appearing for the

Applicant and Mr. Sonavane, learned APP appearing for the

Respondent-State.

2. By this application filed under Section 482 of the Bharatiya

Nagarik Suraksha Sanhita, 2023, the applicant is seeking pre-arrest

bail in connection with C.R. No.512 of 2022 registered with

Bhosari Police Station, Pimpri-Chinchwad, Pune for the offences

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32.ABA-2118.26.DOC

punishable under Sections 406, 409 and 420 read with 34 of the

Indian Penal Code, 1860 and Section 3 of the Maharashtra

Protection of Interest of Depositors (In Financial Establishments)

Act, 1999.

3. It is the submission of Mr. Joshi, learned counsel appearing

for the Applicant that although he has encouraged other investors

in depositing the amount in the scheme managed by Shrimant

Bazar (OPC) Private Limted, in fact the Applicant believed that

such investment will get attractive interest and the Applicant has

also invested in the said scheme an aggregate amount of Rs.1

crore. He submits that in fact, the Applicant is the victim and

about Rs.35,00,000/- out of the Applicant’s principal amount is

outstanding. He submits that although it is the case of the

prosecution that Rs.53,00,000/- has been received by the Applicant

as the commission, same is in fact repayment of the amount which

he has invested. He submits that in any case, the main accused has

been granted bail by an order dated 12 July 2024 passed by the

learned Additional Sessions Judge, Pune in Bail Application

No.4490 of 2022. He submits that there are no other antecedents.

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32.ABA-2118.26.DOC

4. Mr. Joshi further submits that the Applicant has attended the

concerned police station / office of Economic Offence Wing (EOW)

on about 30 occasions for the purpose of investigation and

completely cooperated with the investigation.

5. On the other hand, Mr. Sonavane learned APP submits that

an amount of Rs.53,00,000/- has been paid as commission either

to the Applicant or his wife. He submits that the Applicant has

lured many investors in depositing huge amount in the said

scheme. However, on instructions, he submits that an amount of

Rs.1,00,00,000/- has been invested by the Applicant in the said

scheme and amount of Rs.35,00,000/- is outstanding even as far

as the Applicant is concerned.

6. Perusal of the record shows that F.I.R. has been lodged in the

year 2022. There are total three Accused including the present

Applicant. Charge-sheet is already filed against other Co-Accused.

Although there is material on record to show that the Applicant

has encouraged other investors in investing the amount, however,

admittedly, even the Applicant has also invested an amount of Rs.1

crore in the said scheme and the amount of Rs.35,00,000/- of the

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32.ABA-2118.26.DOC

Applicant is outstanding. As far as other two Accused are

concerned, one of the Accused namely Shrikant Ramachar @

Shrikant Acharya has already been released on bail. Admittedly,

the Applicant has attended the concerned police station/EOW on

30 occasions. Accordingly, case is made out for grant of

anticipatory bail on following terms :-

ORDER

(a) In the event of arrest of the Applicant in connection

with C.R. No.512 of 2022 registered with the Bhosari

Police Station, Pimpri-Chinchwad, Pune, the Applicant

is directed to be released on bail on their furnishing

P.R. Bond in the sum of Rs.1,00,000/- with one or two

solvent sureties each in the like amount.

(b) The Applicant shall attend the concerned Police

Station on 7 September 2026 and 8 September 2026

between 11.00 am to 2.00 pm and, thereafter, as and

when necessary.

residential address to the Investigating Officer and

shall keep the same updated, in case of any change

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thereto.

(d) The Applicant shall not directly or indirectly make any

inducement, threat, or promise to any person

acquainted with the facts of the case so as to dissuade

such a person from disclosing the facts to the Court or

to any Police personnel.

(e) The Applicant shall not tamper with the prosecution

evidence and shall not contact or influence the

Complainant or any witness in any manner.

(f) The Applicant shall not leave India without prior

permission of the Court.

(g) The Applicant shall cooperate with the Investigating

Officer and attend the concerned police station/EOW

as and when called by the Investigating Officer.

7. The observations made in this order are only for the purpose

for considering the anticipatory bail application.

8. Anticipatory Bail Application is disposed of accordingly.

[MADHAV J. JAMDAR, J.]

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