GOPAL TRILOKCHAND AGRAWALversusMANSUR HUSAIN DALAL AND ANOHER

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         IN THE HIGH COURT OF JUDICATURE OF BOMBAY
                     BENCH AT AURANGABAD

     ANTICIPATORY BAIL APPLICATION NO. 1653 OF 2025 WITH
            CRIMINAL APPLICATION NO. 3709 OF 2025

Mansur Husain Dalal                             .. Applicant

versus

The State of Maharashtra
& another                                       .. Respondents

Mr. Joydeep Chatterji, Advocate for the Applicant.
Mr. S. B. Narwade, APP for the State.
Mr. Naresh Thacker a/w Mr. A. S. Barlota, Mr. Sairam Subramaniam
and Ms. Saloni Shah, Advocates for the informant.


                           CORAM : R. M. JOSHI, J.
                      RESERVED ON : 23rd SEPTEMBER, 2026.
                    PRONOUNCED ON : 29th SEPTEMBER, 2026.

ORDER :


1.       Applicant seeks pre-arrest bail in connection with Crime No.

0436/2025 registered with MIDC CIDCO Police Station, District

Chhatrapati Sambhajinagar for the offences punishable under

Sections 316(2), 318(4), 316(5), 338, 336(3), 340(2) 61 r/w 3(5) of

Bharatiya Nyaya Sanhita.



2.    Heard learned Counsel for Applicant, learned APP and learned

Counsel for the informant.
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3.    Informant Gopal Trilokchand Agrawal, is a director and

authorized representative in Riddhi Cotex Pvt. Ltd. and Rishi Fibers

Pvt. Ltd., as well as a partner and authorized representative in Siddhi

Fibers and Ramanuj Cotton Corporation, operating a pan-India

cotton trading business     through brokers.       According to the

informant, co-accused Sanjay Phoke, initially worked as a broker and

was engaged to manage land purchase and sale transactions on a

commission basis. In 2018-2019, said Sanjay introduced co-accused

Raju Mansing Rathod as an individual handling large-scale real

restate transactions.    Consequently, they were entrusted with

overseeing the purchase and sale of the informant’s landed

properties. It is further claimed that in 2020, the informant and the

co-accused formed a partnership entity named Ramanuj Ventures,

with the objective of undertaking real estate transactions, land

development, and construction. In this partnership, the informant

held 50% shareholding, while co-accused Raju and Sanjay each held

25%. By March 2024, the total capital invested in the firm stood at

Rs. 8,61,18,606/-, of which co-accused Sanjay had contributed

Rs.81,25,000/-     and     co-accused     Raju     had     contributed

Rs. 30,25,000/-.
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4.    In September 2020, Applicant informed the informant that

Vascon Engineers Ltd., Pune, intended to sell two of its subsidiary

companies namely marathwada Realtors Pvt. Ltd. and Almet

Corporation Ltd., both situated at Chhatrapati Sambhajinagar. As

both properties, were located in Chhatrapati Sambhajinagar, the

informant desired to purchase them for business purposes through

Siddhi Fibers and Ramanuj Ventures, and accordingly, sent the co-

accused to inspect the premises and operations of the aforesaid

companies.    They subsequently reported that the properties were

viable and in suitable condition.



5.    In October 2020, the informant visited the office of Vascon

Engineers Ltd. and met director Mr. Vasudevan Murthy, his son

Mr. Siddharth Vasudevan Murthy, and other officials including

Mr. Somnath Biswas, Mr. S. P. Nair and Applicant herein, giving

formal willingness to purchase the said subsidiary companies. It was

mutually agreed that Siddhi Fibers, a partnership firm under the

informant’s ownership, would acquire Almet Corporation Ltd., while

Balaji builders and Developers, a partnership firm under the control

of the co-accused, would acquire Marathwada Realtors Pvt. Ltd. This
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decision was formally communicated to Vascon Engineers Ltd. by the

co-accused, and the total consideration for the acquisition of both

subsidiary companies was agreed upon at Rs.30,81,00,000/-,

pursuant to which a term sheet was executed.



6.    Following the execution of the term sheet in October 2020, co-

accused stated that since Balaji Builders & Developers lacked

sufficient financial capacity, the transaction would instead be

executed through the newly formed partnership firm, Ramanuj

Ventures.   In February 2021, a draft share transfer agreement

allocated 50% shares of Marathwada Realtors Pvt. Ltd to the

informant to 25% each to co-accused Raju and Sanjay, while 100%

rights to Almet Corporation Ltd. were to be assigned to Siddhi Fibers.

Applicant herein reconfirmed this share distribution via email in May

2023, though the original agreement remained valued at Rs. 30.81

Crore.



7.    In September 2022, funds were remitted via RTGS from Yashas

Global to MIDC for land subdivision and conversion charges,

including Rs. 2,85,88,663/- for Almet Corporation Ltd. and Rs.

1,01,08,701/- for Marathwada Realtors Pvt. Ltd.      On 12.05.2023,
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Vascon Engineers Ltd. confirmed receipt of Rs. 13.39 Crore from

Ramanuj Ventures, noting that Rs. 1,01,08,701/0 of this sum had

been utilized on 23.01.2021 for dividing Plot No. F-1/2. Out of the

total consideration, Rs. 1.53 Crore was funded by Siddhi Fibers, Rs.

55 Lakh was collected from clients, and Rs. 11.31 Crore was

transferred via specified RTGS and cheques from Ramanuj Ventures’

bank account to Vascon Engineers Ltd.



8.    During the project, the co-accused promised to sell plots

through Marathwada Realtors, return the money belonging to Vascon

Engineers, and take the property in their own names.         They then

began selling plots on the land measuring 16,760.05 sq. m. and

collected about Rs. 12.45 Crore as advance money, which was

deposited into the account of Ramanuj Ventures. On 20.01.2025, the

co-accused and Applicant Nair sent an SBI Bank NOC for Vascon

Engineers to the informant’s phone.      When the informant went to

meet Applicant Nair regarding this on 23.01.2025, the meeting could

not take place and thereafter informant fell seriously ill. This medical

emergency led to hospital treatments followed by strict bed rest at

home in February 2025. Taking unfair advantage of this illness and

absence, the co-accused acted behind the informant’s back, created
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fake documents, removed the informant from their official position

and secretly transferred 100% of the partnership of Marathwada

Realtors into their own names on 28.03.2025, completely violating

the terms of their registered partnership agreement.



9.    In May 2025, upon the informant questioning the status of

land registrations, the accused persons offered a false assurance,

claiming that 100% of the shareholding in Marathwada Raltors and

Almet Corporation had been transferred to their names strictly as a

temporary measure to alleviate the informant’s operational burdens

during his illness, alongside a false promise of rendering a full

account later.       Despite prior valid agreements vesting complete

ownership of Almet Corporation including Plot No. F-1/1 in the

informant,     the    accused   surreptitiously   usurped   the   entire

shareholding of both entities. To back their actions, they artificially

inflated transaction value by Rs. 9 Crore penalty for delayed SBI

Bank NOCs, whereas Vascon Company Ltd. had officially reported the

actual sale consideration to the BSE and NSE on 31.03.2025 as Rs.

30.81 Crore.
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10.   To consummate this illegal takeover, the co-accused forged the

informant’s signatures to cancel an earlier Share Transfer Agreement

from February 2021, replacing it with backdated documents executed

on 28.03.2025 and 31.03.2025. Following this fraudulent transfer,

the co-accused proceeded to develop and sell lands belonging to

Marathwada Realtors while routing the resulting sale proceeds

through Ramanuj Venture. Finally, the co-accused, acting in active

connivance with bank authorities, used forged signatures to secretly

operate and misappropriate funds from the partnership account of

Ramanuj Ventures. Therefore, the present First Information Report

came to be filed.



11.   Learned       Counsel   for   Applicant   submits   that   admittedly

Applicant was a broker who had introduced informant and his

brother to the co-accused. It is his submission that Applicant only

played role of a mediator and received brokerage for the same.

According to him, there is absolutely no evidence to connect

Applicant with the crime in question. He also stated about Applicant

having cooperated in the investigation pursuant to the directions of

this Court while granting interim relief, his custodial interrogation is

not warranted.
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12.   Learned APP and learned Counsel for the informant opposed

grant of any relief to the Applicant by submitting that there is

evidence in the form of account statement indicating that a sum of

Rs.9,00,000/- being paid to the Applicant, which shows that the

Applicant is the beneficiary of the crime.      Apart from this, it is

pointed out that Applicant is the signatory to term sheet and hence,

it cannot be said that Applicant is alien to the crime in question.



13.   Parties do not dispute the fact that Applicant is the broker and

and he introduced informant with the co-accused. Further, there is

no dispute about the fact that he is signatory to the term sheet

executed by informant and some of the co-accused. Though, there is

evidence to show that he received sum of Rs. 9,00,000/- in his

account, this however, is explained by the Applicant to be the money

received towards brokerage.     In absence of any material to show

contrary, prima facie, this Court finds no reason not to accept the

said explanation of the Applicant. Mere signing of term sheet which

is not disputed document does not implicate Applicant in the crime.

Applicant, pursuant to grant of interim relief, has cooperated in the

investigation. Needless to say that for want of any allegation against

the Applicant of being party to any bogus or fabricated document,
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question of his custodial interrogation does not arise. Hence,

application is allowed in terms of the interim order.



14.   Needless to state that the above observations are limited to the

extent of this application and the Trial Court shall not get influenced

by the same.



15.   Pending application, if any, does not survive and stands

disposed of.



                                                  ( R. M. JOSHI, J.)

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