Bombay High Court
RANJANA DEEPAK NIKAMversusSTATE OF MAHARASHTRA
- Decided
- Disposal
- Allowed
Holding
Bail is granted to the applicant subject to specified conditions.
Summary
The Bombay High Court considered a bail application filed under Section 483 of the Bharatiya Nagarik Suraksha Sanhita, 2023 by Ranjana Deepak Nikam, who was arrested in connection with a large‑scale financial fraud involving a non‑banking financial institution. The charges included several IPC offences (sections 406, 409, 420, 465, 467, 468, 471, 120B read with 34) and violations of the Maharashtra Protection of Interest of Depositors Act, 1999 (sections 3 and 4). The applicant, a manager earning a modest salary, was not alleged to have personally benefited from the misappropriated funds, and a letter from the principal accused admitted personal misuse of the deposits. The court, after hearing counsel, concluded that there was no evidence of the applicant’s involvement in the core fraud or risk of tampering with witnesses, and therefore granted bail with stringent conditions. The order expressly limited its observations to bail and refrained from commenting on the merits of the case, directing the applicant to report regularly to the investigating officer and comply with all conditions.
Issues considered
- Whether bail should be granted to the accused under Section 483 of the Bharatiya Nagarik Suraksha Sanhita, 2023 in view of the serious economic offences alleged.
- Whether the applicant poses a flight risk or a risk of tampering with evidence or witnesses.
Legislation cited
- Bharatiya Nagarik Suraksha Sanhita, 2023 — s. 483
- Indian Penal Code — s. 120B, 34, 406, 409, 420, 465, 467, 468, 471
- Maharashtra Protection of Interest of Depositors Act, 1999 — s. 3, 4
Subjects
- bail
- criminal procedure
- economic offences
- depositors protection
- IPC
- women
- financial fraud
- section 483
Judgment
18.BA.3777.2026.doc
HARSHADA H. SAWANT
(P.A.)
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
CRIMINAL APPELLATE JURISDICTION
BAIL APPLICATION NO.3777 OF 2026
Ranjana Deepak Nikam .. Applicant
Versus
The State of Maharashtra .. Respondent
....................
Mr. Anshuman R. Asare a/w. Mr. Rahul Falsundar, Mr. Yogesh
Marne, Mr. Aditya P. Shirke, Mr. Sahil Katare and Mr. Ajay Gautam,
Advocates for Applicant.
Ms. Rajeshree V. Newton, APP for Respondent.
API – Dineshkumar Patil, EOW, Pune City.
...................
CORAM : MILIND N. JADHAV, J.
DATE : OCTOBER 07, 2026
P.C.:
1. Heard Mr. Asare, learned Advocate for Applicant and Ms.
Newton, learned APP for Respondent.
2. This is an Application under Section 483 of Bharatiya
Nagarik Suraksha Sanhita, 2023 seeking Bail in connection with C.R.
No.280 of 2022 registered with Kothrud Police Station for offences
punishable under Sections 406, 409, 420, 465, 467, 468, 471 and
120B read with Section 34 of the Indian Penal Code, 1860; Sections 3
and 4 of the Maharashtra Protection of Interest of Depositors Act,
1999.
3. Applicant is arrested on 02.09.2026 and moved the Court for
grant of bail. She is a woman. Admittedly, the record shows that she
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was working as a Manager with Non-Banking Financial Institution
namely a Path Sanstha which has been indicted in large scale offence
of diversification of humungous amount of Rs.9,74,40,169/- deposited
as many as 6302 investors.
4. Mr. Asare has drawn my immediate attention to page No.47
which is letter issued by principal Accused person namely Director of
the said Path Sanstha to internal Auditor whereby he has admitted to
have used the amounts deposited with the said Path Sanstha for his
personal gains and use. It is also seen that Applicant was receiving a
salary of Rs.17,000/- and in the entire charge-sheet there is no single
word of Applicant being beneficiary of any amount whatsoever.
5. Applicant has made out case for grant of bail. Considering
the aforesaid, Applicant is granted bail subject to following conditions:-
(i) Applicant is directed to be immediately released
from prison in connection with Crime No. 280 of
2022;
(ii) Applicant is directed to be released on bail on
furnishing P.R. Bond of Rs. 10,000/- (Rs. Ten
Thousand only) with one or two surety / sureties
of the like amount;
(iii) Applicant shall report to the Investigating Officer
at the concerned Police Station, once every
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month on the first Monday of the month between
10:00 a.m. to 12:00 p.m.;
(iv) Applicant shall co-operate with the conduct of
trial and attend the Trial Court on all dates,
unless specifically exempted and will not take
any unnecessary adjournments, if she does so it
will entitle the prosecution to apply for
revocation of this order;
(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 her current address and mobile
contact number and / or change of residence or
mobile details, if any, from time to time, as
applicable; and
(viii)Any infraction of the conditions shall entail
cancellation of bail granted to the Applicant.
6. 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
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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.
7. Bail Application is allowed and disposed of in the above
terms.
H. H. SAWANT [ MILIND N. JADHAV, J. ]
Digitally signed
by HARSHADA
HARSHADA HANUMANT
HANUMANT SAWANT
SAWANT Date:
2026.10.07
18:59:15 +0530
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