JITENDRA MANOHAR BALLADKARversusSTATE OF MAHARASHTRA

                                                                            3. BA 3491-2026.doc



                                 IN THE HIGH COURT OF JUDICATURE AT BOMBAY
                                       CRIMINAL APPELLATE JURISDICTION

                                        BAIL APPLICATION NO. 3491 OF 2026

                      Jitendra Manohar Balladkar                      .Applicant

                                  Vs.

                      The State of Maharashtra                        .Respondent

                      Mr. Shubhankar Kulkarni i/b. Mr. Hrutwik S. Kate, Advocates, for the
ANAND                 Applicant
SUDHAKAR
SUDAME                Ms. Sangeeta S. Phad, APP, for the Respondent – State
Digitally signed by
ANAND SUDHAKAR
SUDAME                                   CORAM : MILIND N. JADHAV, J.
Date: 2026.09.21
21:43:01 +0530
                                         DATE      : 21.09.2026
                      P. C.

                      1.      Heard Mr. Kulkarni, learned Counsel for the Applicant and Ms.

                      Phad, learned APP for the Respondent – State.

                      2.      This Application is filed under Section 483 of the Bhartiya

                      Nagarik Suraksha Sanhita, 2023 (for short “BNSS”) in connection with

                      C.R.No.122 of 2024 registered with Bhosari MIDC Police Station, Pune

                      for offences punishable under Sections 406, 409, 420 r/w. 34 of the

                      Indian Penal Code, 1860 (for short “IPC”) and under Section 3 of the

                      Maharashtra Protection of Interest of Depositors Act, 1999 (for short

                      “MPID Act”).

                      3.      The Applicant before me indicted in a crime for cheating the

                      investors from whom he had received deposits. There are two other

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Accused persons in the crime, who have all been released on bail.

According to the prosecution case, it is depicted from Exh. F page

No.431 of the Charge-sheet appended to the Application that out of the

total amounts which were received as deposits, the Applicant is yet to

return an amount of Rs.5,60,40,501/-. It is seen that substantial

amounts have been returned back to the investors in different

denominations. This is prima facie seen from the said document. It is

prima facie seen that the relationship between the First Informant and

the Applicant as also other investors is governed by investment

agreements between them. It is only when the returns had stopped that

present Criminal case has been filed. Considering the investment

agreements which are part of the Charge-sheet and on record, this

would otherwise be a Civil dispute. Be that as it may, since even

according to the prosecution case, at the highest, substantial amounts

have been received over a period of time by most of the investors and

the investigation having been completed, no further custody of the

Applicant is required.

4.      Hence, in view of above prima facie observations and finding,

Bail Application of Applicant is allowed subject to the following terms

and conditions:-

           (i)   Applicant – Jitendra Manohar Balladkar is directed to


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             be immediately released from prison in connection with

             CR. No. 122 of 2024;


        (ii) Applicant is directed to be released on bail on furnishing

             P.R. Bond of Rs.25,000/- (Rs. Twenty Five Thousand

             only) with one or two sureties of the like amount;


        (iii) Applicant shall report to the Investigating Officer at

             Bhosari MIDC Police Station, Pune, once every month,

             on the first Monday of the month between 10:00 a.m. to

             12:00 p.m. until commencement of trial and thereafter

             shall attend all dates of hearing before the Trial Court;


        (iv) Applicant shall cooperate with the conduct of the trial

             and remain present before the Trial Court on all dates,

             unless specifically exempted. Applicant shall not seek

             unnecessary adjournments. Any such conduct shall

             entitle the prosecution to apply for cancellation of bail;


        (v) Applicant shall not leave the State of Maharashtra

             without prior permission of the Trial Court;


        (vi) Applicant shall not influence any of the witnesses or

             tamper with the evidence in any manner;


        (vii) Applicant shall keep the Investigating Officer informed
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                 of his current residential address and mobile telephone

                 number and shall forthwith inform the Investigating

                 Officer of any change in his residential address or

                 mobile telephone number, as and when such change

                 occurs; and


           (viii)Any breach or infraction of any of the aforesaid

                 conditions shall entail cancellation of the bail granted to

                 the Applicant.


5.      It is clarified that the observations made in this order are limited

for the purpose of granting bail only and I have not made any

observations on merits of the case. The trial shall be adjudicated on

the strength of the evidence led and strictly on its own merits being

uninfluenced with any of the prima facie observations made

hereinabove in this order.


6.      Bail Application is allowed and disposed in the above terms.




                                                  (MILIND N. JADHAV, J.)




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