Bombay High Court

ASHWINI PRASAD DHARMADHIKARIversusTHE STATE OF MAHARASHTRA AND ANR.

Disposal: Allowed

Holding

The court confirmed the interim bail order of 04.05.2026, making it absolute with additional conditions.

Summary

Ashwini Prasad Dharmadhikari applied for anticipatory bail fearing arrest in connection with Crime No. 518 of 2025, which alleges fraudulently inducing a complainant and his brothers to invest Rs. 90 lakh by promising 5% monthly returns. The offences are punishable under Sections 316(2), 316(5), 318(4), 3(5) of the Bharatiya Nyaya Sanhita, 2023 and Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors Establishments Act, 1999. The complainant, Vijay Pol, intervened in the bail application and submitted an agreement showing that the transactions were primarily between the applicant’s husband and the complainant, though the money was transferred to the applicant’s account. The trial court had earlier granted interim bail on 4 May 2026 subject to a bond and cooperation conditions. Upon hearing, the court noted that the applicant had cooperated with the investigation and that the agreement placed liability on the husband, and therefore confirmed the interim bail order as absolute with additional conditions. The anticipatory bail application was consequently disposed of, with the applicant required to appear before the investigating officer as needed and prohibited from influencing witnesses.

Issues considered

Whether the applicant is entitled to anticipatory bail despite the alleged fraud and the nature of the offences.
Whether the applicant's alleged role as a witness and the liability of her husband affect the grant of bail.
Whether the applicant's cooperation with the investigation justifies confirming the interim bail order.

Legislation cited

Bharatiya Nyaya Sanhita, 2023 — s. 316(2), 316(5), 318(4), 3(5)
Maharashtra Protection of Interest of Depositors Establishments Act, 1999 — s. 3, 4

Subjects

anticipatory bail
fraud
investment scam
Bharatiya Nyaya Sanhita
Maharashtra Depositors Protection Act
intervention
bail conditions

Judgment

21-ABA-246-2026.doc

IN THE HIGH COURT OF JUDICATURE AT BOMBAY
CIRCUIT BENCH AT KOLHAPUR
CRIMINAL APPELLATE JURISDICTION
ANTICIPATORY BAIL APPLICATION NO. 246 OF 2026
Ashwini Prasad Dharmadhikari … Applicant
Versus.
The State of Maharashtra And Anr. … Respondents
-----
Mr. Kuldeep Nikam, for the Applicant.
Mr. S. H. Yadav, APP for the Respondent – State.
Mr. Dattatray Solankar, for the Intervenor.
PSI Abhijit Bhor, Juna Rajwada Police Station, Kolhapur, is present.
-------

CORAM : ASHWIN D. BHOBE, J.
DATE : 19th August, 2026.
P.C. :

1. Advocate Mr. Dattatray Solankar, appears and states that he has

instructions to appear on behalf of the Complainant / Informant and to

file an Intervention Application. Considering that the request made by

Mr. Dattatray Solankar is on behalf of the Complainant / Informant to

intervene, I deem it fit and proper to allow the Complainant /

Informant to intervene in this Application.

2. Mr. S. H. Yadav, learned APP for the Respondent – State, submits

that the presence of the Intervenor in this Application would be

necessary.

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3. In view of the above, Mr. Kuldeep Nikam, learned Advocate for

the Applicant, is directed to add the Informant/Complainant as an

Intervenor to this Application. Mr. Kuldeep Nikam, learned Advocate for

the Applicant, requests permission to carry out the amendment to add

the Complainant/Informant as an Intervenor in this Application,

forthwith. Permission granted. The amendment be carried out

forthwith.

4. Heard Mr. Kuldeep Nikam, learned Advocate for the Applicant,

Mr. S. H. Yadav, learned APP for the Respondent-State and Mr. Dattatray

Solankar, learned Advocate for the Intervenor.

5. On 04.05.2026 the following order was passed :-

1. The Applicant is apprehending arrest in
connection with Crime No. 518 of 2025, registered with Juna
Rajwada Police Station, District Kolhapur, for offences
punishable under Sections 316(2), 316(5), 318(4), and 3(5) of
the Bharatiya Nyaya Sanhita, 2023, as well as under Sections 3
and 4 of the (In Financial Maharashtra Protection of Interest of
Depositors Establishments) Act, 1999.

2. Issue notice to the non-applicant, returnable on
10.06.2026.

3. Shri Yadav, learned APP, waives service of notice
on behalf of the non-applicant and seeks time to file a reply.

4. The FIR mentions that informant-Vijay Pol, a
resident of Kolhapur, resides along with his brothers, namely
Chandrakant Pol and Ramesh Pol. It is alleged that, the
informant and his brothers came in contact with the present
Applicant and her husband, Prasad Dharmadhikari through an
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acquaintance. It is further alleged that the Applicant and her
husband mis-represented to the informant and his brothers that
they were engaged in share market and commodity trading
through Angel Broking at Kolhapur, and induced them to invest
money by assuring returns of 5% per month on the invested
amount. By gaining their trust and confidence, the informant
and his brothers were allegedly persuaded to invest substantial
amounts with the Applicant and her husband.

5. It is alleged that the complainant and his
brothers invested an amount of approximately 90,00,000/- on
the basis of false promises of earning substantial returns from
such investments in shares.

6. Learned Counsel for the Applicant has drawn my
attention to two agreements executed between the complainant
and his brothers on one hand, and the main accused-Prasad
Dharmadhikari on the other, which prima facie depicts that the
transaction was between the husband of the Applicant and the
Complainant and his brothers.

7. Though, the amounts were transferred to the
account of the present Applicant, prima facie, it appears that the
transactions were between the husband of the Applicant and the
complainant and his brothers.

8. A detailed scrutiny of the case diary is required,
which is not available presently. So also, the State is yet to file
its reply as service has not been effected. In view of the above
and considering the submissions, a case is made out for grant of
ad-interim relief. Hence, the following order:

ORDER

(i) Pending the application, in the event of arrest in
connection with Crime No. 518 of 2025 registered with Juna
Rajwada Police Station, District Kolhapur, for the aforesaid
offences, the Applicant-Ashwini Prasad Dharmadhikari, shall be
released on bail upon furnishing a P.R. bond of 25,000/- with
one solvent surety in the like amount.

(ii) The Applicant shall attend the concerned Police Station
on 07.05.2026 and 10.05.2026 between 10:00 a.m. and 12:00
noon, and shall cooperate in the Investigation.

(iii) The applicant shall not tamper with the prosecution
evidence and shall not threaten the prosecution witnesses.

6. Mr. Kuldeep Nikam, learned Advocate for the Applicant, submits
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that the Applicant has appeared before the Investigating Officer at Juna

Rajwada Police Station, District Kolhapur and has cooperated with the

investigation in Crime No. 518 of 2025. He, on instructions from the

Applicant, states that the Applicant shall continue to cooperate and

appear before the Investigating Officer as and when required.

7. Mr. S. H. Yadav, learned APP for the Respondent – State, on

instructions from the Investigating Officer, Juna Rajwada Police Station,

District Kolhapur, states that the Applicant has appeared and cooperated

with the investigation in Crime No. 518 of 2025.

8. Mr. Dattatray Solankar, learned Advocate for the Intervenor,

states that the Applicant has participated in the offence referred to in

Crime No. 518 of 2025 along with the co-accused. By referring to the

Agreement dated 08.03.2025 executed by the Intervenor and the co-

accused Prasad Vinayak Dharmadhikari (i.e. the husband of the

Applicant), he submits that the Applicant has acted as a witness to the

transaction disclosed in the Agreement dated 08.03.2025 and hence

responsible for the payment.

9. Perused the records with the assistance of the learned Advocates.

10. Mr. Dattatray Solankar, learned Advocate for the Intervenor,
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having emphasized the Agreement dated 08.03.2025, the recital-term as

found on the internal Page No. 2 of the Agreement dated 08.03.2025, is

reproduced herein as follows:

यातील िलहून देणार व िलहून घेणार हे जवळचे ि र असून ्यांनी यापूव अनेक
वेळा आि क देवाण -घेवाणाचे ्यवहार चांग्या रकारे पार पाडले आहेत. िलहून
देणार यांचा बँक ऑफ बडोदा यांचे सेवा कंराचा ्यवसाय आहे . िलहून देणार यांना
व घरगुती आि क अडचणीसाठी रक ेची आव्यकता आहे. ्या ुळे िलहून देणार
यांनी िलहून घेणार यांचे िवनंतीनुसार िलहून घेणार यांची प्नी आि1नी रसाद
ध ा3िधकारी यांचे बँक ऑफ बडोदा शाखा राजारा पुरी, को्हापूर या बँकेतील
खाते ्ये िद. ०४/०३/२०२५ रोजी आर.टी.जी.एस. नं.
SBINNR52025030477229063 वारे रक ुपये १०,००,०००/- (अषरी
ुपये दहा लाख फत) िबन ्याजी वग3 केले ले आहेत. सदर रक ेचा िलहून देणार
यांना संपूण3 भरणा खालील न ूद साषीदारांचे स ष झाला अस्याने िनराळा
भरणा पावतीचे कारण रािहले ले नाही. सदर रक जरी िलहून देणार यांचे प्नी्या
खा्यावर वग3 केली असली तरी सदर रक ेची परत फेड कर्याची सव3 ्वी
जबाबदारी यातील िलहून देणार रसाद िवनायक ध ा3िधकारी यांनी ि्वकारले ली
आहे. या बाबत ्यांची तरार नाही.

11. The Agreement dated 08.03.2025 states that although the

amount was transferred to the Applicant's account, the responsibility

and liability to pay the amount rests with Prasad Vinayak

Dharmadhikari. This Court, while granting interim bail to the Applicant

on 04.05.2026 in paragraph Nos. 6 and 7, has considered the said

aspect.

12. Applicant is a woman.

13. In view of the statement made by Mr. Kuldeep Nikam, learned

Advocate for the Applicant and Mr.

S. H. Yadav, learned APP, that the Applicant has cooperated with the
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investigation in Crime No. 518 of 2025, this Application is disposed of

by confirming the order dated 04.05.2026 and making it absolute.

Conditions imposed in the order dated 04.05.2026 shall continue as

final conditions with the following additional conditions:-

(a) The Applicant shall appear before the

Investigating Officer, Juna Rajwada Police Station,

District Kolhapur in Crime No. 518 of 2025, as and

when required by the Investigating Officer.

(b) The Applicant shall not directly or indirectly

make any inducement, threat or promise to any

person/s acquainted with the facts of the case to

dissuade such person/s from disclosing the facts to the

Court or any police officer.

14. Anticipatory Bail Application No. 246 of 2026 is disposed of.

(ASHWIN D. BHOBE, J.)

Digitally
signed by
ARJUN
ARJUN KRISHNA
KRISHNA RODGE
RODGE Date:
2026.08.20
10:37:15
+0530

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