Bombay High Court
KUNAL SURESH MESTRIversusTHE STATE OF MAHARASHTRA
- Disposal
- Allowed
Holding
The court allowed the anticipatory bail application, confirming the interim orders, subject to stringent conditions.
Summary
The applicant, Kunal Suresh Mestri, sought anticipatory bail in connection with an FIR alleging cheating investors in a financial scheme, under sections of the Bharatiya Nyaya Sanhita, 2023 and the Maharashtra Protection of Interest of Depositors Act, 1999. The prosecution argued that Mestri was a prime accused who headed the Kolhapur division of the company and should be interrogated. The applicant contended he was a victim, had no direct role in inducing investments, and had already been granted interim protection by the court. The court examined the interim orders, the chargesheet, and the lack of any violation of bail conditions by the applicant. It confirmed the interim bail orders and granted anticipatory bail subject to specific reporting and conduct conditions.
Issues considered
- Whether anticipatory bail should be granted to the applicant who is named in the FIR.
- Whether the applicant, as head of the company division, qualifies as a prime accused warranting custodial interrogation.
- Whether the conditions imposed are sufficient to ensure the applicant's cooperation and prevent tampering with evidence.
Legislation cited
- Bharatiya Nyaya Sanhita, 2023 — s. 316(5), 318(4), 3(5)
- Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999 — s. 3
Subjects
- anticipatory bail
- financial fraud
- cheating
- bail conditions
- Bharatiya Nyaya Sanhita
- Maharashtra Depositors Act
- criminal procedure
Judgment
11-ABA-2441-2025 (CR).docx
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
CIRCUIT BENCH AT KOLHAPUR
CRIMINAL APPELLATE JURISDICTION
CR. ANTICIPATORY BAIL APPLN. NO. 2441 OF 2025
Kunal Suresh Mestri … Applicant
Versus
The State Of Maharashtra … Respondent
——————
Mr. Tanvii Tapkire for the Applicant.
Mr. Nitin B. Patil, A.P.P. for the Respondent-State.
——————
Coram : MEHROZ K. PATHAN, J.
Date : 25th June 2026.
PER COURT :
1. The Applicant has approached this Court seeking anticipatory bail in
connection with F.I.R. No. 0031 of 2025, dated 07/02/2025, registered with
Vishrambag Police Station, District Sangli, for the offences punishable under
Sections 318(4), 316(5), 3(5) of The Bharatiya Nyaya Sanhita, 2023 and
Section 3 of The Maharashtra Protection of Interest of Depositors (in
Financial Establishments) Act, 1999.
2. The case of the prosecution is that :
The crime is registered on the report of informant Anil Baburao Patil,
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11-ABA-2441-2025 (CR).docx
who filed FIR on 07/02/2025. He alleged that accused Ashutosh Kasekar
induced to invest money in Financement Company, by stating that he will get
return of 50% to 60% after 15 days. Accused returned some amount to some
investors by stating same to be profit, for initial period, and won over the
trust of investors. The informant and his relatives invested amount of Rs.
1,47,87,500/- from time to time. Rs.15,00,000/- as refund of invested
amount and Rs.19,15,000/- as profit of investment, were returned to them,
from different accounts to different accounts of said informant and his
relatives. The accused Kunal Mestri was the head of the company office of
Kolhapur. Thereafter, accused refused even to return their invested money
and thereby cheated them for amount of Rs.1,32,87,500/-.
3. Learned counsel for the Applicant submits that the Applicant is falsely
implicated in the present crime. The present Applicant was himself a victim
in the present crime and he has also invested huge amount in the company
and did not receive any benefits. There are letters issued by the main
accused Ashutosh, thereby taking responsibility of the liabilities of the
company and that the present accused has no concerned with the company or
amounts invested in the company. There are no direct allegations against the
Applicant regarding inducing the complainant or any other investors to invest
in the company. The persons invested in the company already had
knowledge about the risk involved in the present crime. The main accused
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Ashutosh is already arrested and is behind bars. The Applicant was protected
by the interim order passed by this Court vide order dated 09/01/2026,
which was thereafter continued by a detailed order passed by this Court
dated 27/03/2026. The Applicant is ready to cooperate with the investigation
and further abide by the conditions that may be imposed by this Court. The
Applicant is not having any criminal antecedents and are having deep roots in
the society and is not at a flight risk. The reply filed by the State would show
that the investigation is already complete. The chargesheet is filed in the
present crime. Thus, the custodial interrogation of the present Applicant is
not necessary. Hence, the Applicant may be released on anticipatory bail by
confirming the interim order passed by this Court.
4. As against this, learned A.P.P. strongly opposes the anticipatory bail
application on the ground that the Applicant is one of the prime accused in
the said crime and is specifically named in the F.I.R.. The Applicant was
working as the head of the Kolhapur Division of the company, which has
duped not only the complainant but several other investors of their hard
earned money under the promise of giving them high returns for their
investment. Falling prey to the scheme floated by the company and
circulated by the present Applicant, the investors have deposited their
money; however, they have failed to receive the returns. The custodial
interrogation of the Applicant is thus necessary to complete the investigation
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from all angles and to recover the huge amounts. There are monetary
transactions which could be revealed. There are statements of accounts,
which would show the connection of the Applicant with the main accused
Ashutosh. There is sufficient material to bring home the guilt of the present
Applicant, which has resulted in the filing of the chargesheet against the
present Applicant. Thus, this is not a fit case to release the Applicant on
anticipatory bail. Hence, the anticipatory bail application may be rejected.
5. I have gone through the Affidavit filed by the prosecution in the
present case. I have also gone through the interim order passed by this Court
dated 09/01/2026 and the interim order dated 27/03/2026 passed in the
present case, wherein the fair admission of the prosecution that the interim
protection was granted to the present Applicant was recorded. The Affidavit
filed by the prosecution in the present crime shows that while the Applicant
was protected, the chargesheet is filed in the present crime on 29/12/2025,
keeping the provisions of further investigations open.
6. The Applicant was protected by the interim order passed by this Court
and there are no allegations about the Applicant violating the conditions. The
investigations are over. Charesheet is filed against Applicant. I am inclined to
protect the Applicant by confirming the interim order, however on certain
conditions. Hence, the following order :-
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ORDER
i. The Application is allowed.
ii. The interim orders dated 09/01/2026 and 27/03/2026 are
hereby confirmed. However, subject to additional conditions
that the Applicant - Kunal Suresh Mestri shall attend the
concerned Police Station and report to the Investigating Officer
on every Saturday, between 12:00 noon and 02:00 p.m., till
framing of the charge against the present Applicant.
iii. The Applicant shall also cooperate with the investigation.
iv. The Applicant shall not pressurize the prosecution witnesses
and shall not tamper with the prosecution evidence, in any
manner.
v. The Applicant shall submit his Aadhar Card and Pan Card to the
Investigating Officer along with mobile numbers and addresses
of two of his near relatives.
vi. The Applicant shall not leave the country without leave of the
trial Court and shall surrender his passport to the Investigating
Officer.
7. Needless to say, a single violation of any of the conditions imposed by
this Court shall entitle the prosecution and the complainant to seek
cancellation of bail of the present Applicant.
8. The Application stands disposed off accordingly.
Digitally signed
by OMKAR
SHIVAHAR
OMKAR
SHIVAHAR
KUMBHAKARN [ MEHROZ K. PATHAN, J. ]
KUMBHAKARN Date:
2026.06.29
19:12:18
+0530
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