JAYESH JAGANNATH SANKHEversusSTATE OF MAHARASHTRA

          Digitally
          signed by    MANOJ                                              901-BA-4565-2025.DOC
          WAKLE
WAKLE     MANOJ
MANOJ     JANARDHAN
JANARDHAN Date:
          2026.07.09
          21:31:25
          +0530
                            IN THE HIGH COURT OF JUDICATURE AT BOMBAY
                                 CRIMINAL APPELLATE JURISDICTION
                             CRIMINAL BAIL APPLICATION NO.4565 OF 2025
                       Jayesh Jagannath Sankhe                             …Applicant
                             V/s.
                       The State of Maharashtra                            …Respondent

                                              WITH
                                INTERIM APPLICATION NO.1611 OF 2026
                                                IN
                             CRIMINAL BAIL APPLICATION NO.4565 OF 2025

                       Mr. Narendra Pradeep Awasthi                        …Intervenor
                       IN THE MATTER BETWEEN :-
                       Jayesh Jagannath Sankhe                             …Applicant
                             V/s.
                       The State of Maharashtra                            …Respondent


                       Mr. Sudeep Pasbola, Senior Counsel a/w Adv. Chinmay Godse and
                       Adv. Navkar Jain i/by Adv. Vivek Thakare, for the Applicant.
                       Mr. P.P. Malshe, APP for the Respondent-State.
                       Ms. Purva B., for the Intervenor.
                       Mr.Dhanraj Shirsath, PSI, EOW, Palghar Boisar Police Station,
                       present.


                                                CORAM: SHYAM C. CHANDAK, J.
                                                DATED : 7th JULY, 2026
                       P.C. :-

                       1.      Present Application seeking release of the Applicant on bail
                       in connection with C.R. No.403 of 2024 registered with Boisar
                       Police Station, for the offences punishable under Sections 316(2)
                       and 318(4) of the Bharatiya Nyaya Sanhita, 2023 (for short “BNS”)
                       and Sections 3 and 4 of Maharashtra Protection of Interest of
                       Depositors (in Financial Establishments) Act, 1999 (for short
                       “MPID Act”).

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2.      Heard Mr. Pasbola, learned Senior Counsel for the
Applicant, Mr. Malshe, learned APP for the Respondent-State and
Ms. Purva B., learned Counsel for the Intervenor.

3.      The prosecution case is that, in June 2022, Accused No.1 –
Suryaji Bhivaji Kamble had started an investment Company
namely M/s. Dipankar Fincap Investment Pvt. Ltd., of which he
was Managing Director. Thereafter, A-1 floated various investment
schemes in the name of said company. Further, A-1 and the
Applicant called members of public to invest/deposit their money
in the said schemes giving false promise that their investment will
earn them guaranteed interest @ 10% per month. Falling prey to
the allurement of attractive income, the investors named in the
FIR and others like them invested their money in the said
company. Initially, till November 2023, the company paid some
amount to the investors towards their investment. Later on, the
company stopped to pay them the money as assured. Thus, the A-1
and the Applicant cheated the investors and misappropriated their
money. Therefore, informant Mr. Girish Dayaram Gajjar filed a
Report dated 5th September 2024, pursuant to which, the present
crime came to be registered. Thereafter, accused persons were
arrested. On completion of investigation, charge-sheet came to be
filed. Till filing of the charge-sheet, it was revealed that the fraud
amount was more than Rs.9 crores. Further investigation revealed
that, till date, the fraud amount is more than Rs.12 crores. The
total investors are 503, as noted by the Sessions Court.

4.      Mr. Pasbola, the learned Senior Counsel for the Applicant
submitted that although the said company was started in June
2022, initially, the Applicant joined that company as an agent. The
Applicant then become its Additional Director w.e.f. 11 th January,


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2024 as the earlier Director Mr. Khatau had resigned. After
joining the company as an Additional Director, the Applicant has
not played any important role in the conduct of the business of the
company. Like other investors, the Applicant’s parents and
brother have also invested Rs.19,00,000/- in the said company. If
the Applicant was aware that the investment schemes were fraud,
his family members would not have invested their money. As such,
the Applicant is innocent and he himself is victim of the schemes.
Therefore, he is entitled for bail.

5.      In contrast, Mr. Malshe, learned APP has submitted that in
all 112 investors have given their statement that they were induced
by the Applicant to invest their money in the said company,
assuring that, their investment will give good returns. Thereafter,
the investors invested their money in the company. However, A-1
and the Applicant neither returned the principle amount to the
investors nor paid them any profit. As such, there is a prima facie
case against the Applicant of having committed the alleged
offence. He submitted that since this Court had declined to release
A-1 on bail, he withdrew his Application. Lastly, Mr. Malshe,
learned APP submitted that the Applicant has one similar criminal
antecedent. The said crime is registered with Rabodi Police
Station, Thane in respect of the same company. Therefore, the
Applicant is not entitled for bail.

        Ms. Purva B., learned Counsel for the Intervenor has
adopted the submissions made by the learned APP. Additionally,
she has submitted that the Intervenor has invested Rs.2,50,000/-
in the said company at the instance of the Applicant. Therefore,
she has submitted that the bail Application be rejected.



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6.      I have considered these submissions. There is sufficient
material on record which show that the Applicant was actively
involved as an agent of the company to call the investment. Mr.
Pasbola, the learned Senior Counsel has not denied that about 112
investors have stated that the Applicant induced them to invest
their money by falsely representing that their investment would
yield high returns. In the Affidavit-in-Reply it is stated that the
Applicant has received more than Rs.47.35 Crores. However, not a
single document is shown from the record to substantiate that
claim. Record indicates that the Applicant’s parents and his
brother had invested Rs.19,00,000/- in the said company. As
stated in the Affidavit-in-Reply, almost equal amount has come to
the bank account of the Applicant.

        In view thereof, prima facie it appears that except for
playing the role of convincing the investors to invest their money
in the said company, the Applicant has not received huge benefit
out of misappropriated money of the investors. The investigation
is over and further detention of the Applicant in jail will not serve
any purpose. In so far as criminal antecedent is concerned, similar
offence is registered against the same company in which the
Applicant is shown as an accused. However, the Applicant is not
named in that FIR and, till date, the police concerned has not
arrested the Applicant in that crime.

7.      In the wake of above, the Applicant is not likely to abscond
and tamper with the prosecution evidence. Therefore, the
Applicant is entitled for bail. Hence, following Order is passed:-

        (i)   Applicant – Jayesh Jagannath Sankhe shall be
        released on bail in connection with C.R. No.403 of 2024
        registered with Boisar Police Station, for the offences

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        punishable under Sections 316(2) and 318(4) of the BNS
        and Sections 3 and 4 of MPID Act, on his furnishing P.R.
        Bond in the sum of Rs.2,00,000/- with one or two sureties
        in the like amount.

        (ii)     The Applicant shall mark his attendance at Boisar
        Police Station, on the 1st day of each calendar month
        between 12:00 noon to 4:00 p.m., till the conclusion of the
        trial.

        (iii) The Applicant shall regularly attend the proceedings
        before the jurisdictional Court unless exempted by the said
        Court, for the reasons to be recorded in writing.

        (iv)     The Applicant shall not tamper with the prosecution
        evidence and shall not directly or indirectly influence upon
        the prosecution witness to prevent them from deposing
        against him.

        (v)      On being released from jail, the Applicant shall
        furnish his contact number and residential address to the
        Investigation Officer and shall keep him updated, in case
        there is any change.

        (vi)     The Applicant shall not indulge in identical activities
        for which he has been arraigned in this case.

        (vii) By way of abundant caution, it is clarified that the
        observations made hereinabove are confined for the
        purpose of determination to the entitlement for bail and
        they may not be construed as an expression of opinion on
        the guilt or otherwise of the Applicant and the trial Court
        shall not be influenced by any of the observations made
        hereinabove.
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        (viii) Application stands disposed off in the aforesaid terms.


8.      Since the intervention and hearing opportunity was granted
to the victim, Interim Application No.1611 of 2026 seeking said
relief, is disposed of, accordingly.




                                (SHYAM C. CHANDAK, J.)




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