NITIN ANIL KHADSEversusSTATE OF MAHARASHTRA

                                                                           11. BA 3578-2026.doc



                                 IN THE HIGH COURT OF JUDICATURE AT BOMBAY
                                       CRIMINAL APPELLATE JURISDICTION

                                       BAIL APPLICATION NO. 3578 OF 2026

                      Nitin Anil Khadse                               .Applicant

                               Vs.

                      The State of Maharashtra                        .Respondent

                      Ms. Priyal G. Sarda a/w. Ms. Seema S. Dighe, Advocates, for the
ANAND                 Applicant
SUDHAKAR              Mr. S. A. Karmakar, APP, for the Respondent – State
SUDAME                Mr. Shreeniwas N. Magar, Advocate, for the Complainant
Digitally signed by
ANAND SUDHAKAR
SUDAME
Date: 2026.09.24
                                          CORAM : MILIND N. JADHAV, J.
16:24:43 +0530

                                          DATE    : 23.09.2026
                      P. C.

                      1.      Heard Mr. Sarda, learned Counsel for the Applicant and Mr.

                      Karmakar, 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. 946 of 2024 registered with Chaturshringi Police Station, Pune

                      for offence punishable under Section 420 r/w. 34 of the Indian Penal

                      Code, 1860 (for short “IPC”).

                      3.      The Applicant is arraigned as an Accused along with his wife.

                      They have been running a commodity investment firm, whereby they

                      would accept deposits for investments in shares/commodity markets


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with the consent of investors. Admittedly, the prosecution case reflects

that from 2018 to 2024, the investors invested substantial amounts

with the Applicant for further investment in share/commodity market

and it also fetched handsome returns. It is the case of the Applicant,

who failed to receive returns after 2024 that the Accused persons have

cheated and therefore, FIR is filed on 30.11.2024. The Applicant is

arrested on 25.03.2025. Though it is argued by the prosecution and

also by the learned Advocate appearing for the Complainant/First

Informant that the Applicant had induced the Complainant and others

to invest the amount, such is not the case which is borne out from the

material which is placed on record or the Charge-sheet placed before

this Court.

4.      Mr. Magar, learned Counsel for the Complainant/First Informant

has, however, passionately persuaded the Court to reject the present

Application on the premise that the Complainant/First Informant and

many similarly placed investors have been duped by the Applicant and

therefore, the Applicant should be denied bail. He would argue that

pursuant to rejection of the Bail Application of the Applicant by the

learned trial Court in the month of November, 2025, there has been no

change in circumstances to enable the Applicant to approach this Court

and seek bail. He would in his usual fair mindedness submit that the


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Applicant has been discharged in MPID charges vide order dated

16.10.2025 and the matter has now been relegated to the Magistrate’s

Court for trial and according to his instructions, the trial is prolonged

and protracted by the Applicant. He would also persuade the Court to

direct the Applicant to return the outstanding arrears amount to the

Complainant/First Informant.

5.      I have considered the submissions made by Mr. Sarda, Mr. Magar

and the learned Prosecutor and with their able assistance perused the

record of the case. Prima facie, I find that there is no material which is

shown to the Court to charge the Applicant on inducement and/or the

Applicant and his wife having lured the investors. The Applicant has no

antecedents. His wife is already enlarged on bail. He has been

discharged from MPID offences. In this case, on their own volition

monies were invested with an expert firm/company with the hope of

getting fabulous returns on such investments when invested in

share/commodity market transactions. It is is prima facie seen that all

the investors have shared a healthy relationship over a long period of

time with Applicant. Hence, unless and until a strong prima facie case

is made out for cheating under Section 420 of the IPC, the Court at this

prima facie stage will have to consider bail. The matter is for bail and

complicity of the Applicant in the crime would undoubtedly be proved


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at trial. Mr. Sarda has made out an arguable case for grant of bail. The

Application is granted.

6.      It is also informed by the learned Prosecutor that revision

proceeding to challenge the discharge order by the Special Court is

pending before this Court.

7.      Registry is directed to accept Vakalatnama from Mr. Magar,

learned Counsel for the Complainant/First Informant within a period of

two week from today.

8.      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 – Nitin Anil Khadse is directed to be

                 immediately released from prison in connection with

                 CR. No. 946 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 surety of the like amount;


           (iii) Applicant shall report to the Investigating Officer at

                 Chaturshringi 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
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                 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

                 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.


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


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




                                                 (MILIND N. JADHAV, J.)




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