RAVIRAJ GAJANAN JOSHIversusSTATE OF MAHARASHTRA

                                                                                     38. BA 581-2026.doc



                                IN THE HIGH COURT OF JUDICATURE AT BOMBAY
                                      CRIMINAL APPELLATE JURISDICTION

                                        BAIL APPLICATION NO. 581 OF 2026

                      Raviraj Gajanan Joshi                                           .Applicant

                                Vs.

                      The State of Maharashtra & anr.                                 .Respondents
ANAND
SUDHAKAR
SUDAME                Dr. Bhushan Mahadik a/w. Mr. Rohit Malpani, Advocates, for the
Digitally signed by
ANAND SUDHAKAR
                      Applicant
SUDAME
Date: 2026.09.03
                      Mr. Karmakar a/w. Ms. Shilpa Talhar, APP, for Respondent No. 1 - State
19:17:18 +0530
                      Mr. Pratik Rajopadhye a/w. Mr. Ameya Ranade, Mr. Gaurav Lele &
                      Ms. Shrawani Hatkar, Advocates, for Respondent No. 2
                      Mr. Chetan More, API, E.O.W., Pune City present

                                          CORAM : MILIND N. JADHAV, J.

                                          DATE        : 03.09.2026
                      P. C.

                      1.      Heard Mr. Mahadik, learned Counsel for the Applicant, Ms.

                      Talhar, learned APP for Respondent No. 1 – State and Mr. Rajoypadhye,

                      learned Counsel for Respondent No. 2.

                      2.      The   Applicant    is   indicted      in   Criminal   prosecution    and

                      proceedings under Sections 316(2), 316(5), 318(4), 336(3), 3(5),

                      61(2) of the the Bhartiya Nagarik Suraksha Sanhita, 2023 (for short

                      “BNSS”) and Sections 3 & 4 of the Maharashtra Protection of Interest

                      of Depositors Act (for short “MPID”) in C. R. No. 78 of 2025. He is one

                      of the four Accused persons and is arrested on 02.05.2025 and is in


                      Anand                                1 of 6
                                                        38. BA 581-2026.doc

incarceration for more than 14 months. According to the prosecution

case, four co-accused persons and more specifically the principal

co-accused namely Accused No. 2 – Mr. Ajay Chaudhary and Accused

No. 1 – Mr. Pravin Nahata promulgated a development scheme seeking

investments claiming to be office bearers of the Maharashtra Rajya

Bajar Samittee Sahkar Sangh and informed about investments in a

Government approved Scheme called “MAGNET” (Maharashtra Agri-

Business Network Project) and lured investors into making deposits.

Several   hand   loans   were   taken     from   investors.   They    also

simultaneously assured about floating a development scheme called

“Gazania Shelters Private Limited”, whereby they executed Deal

Agreements with the investors promising them handsome returns on

the basis of running a Resort Scheme called “Gazania Gardens”.The

land on which the said scheme appeared to be floated, prima facie,

according to the Complainant belongs to the Bhogvatdar Varg III of

Panchgani Devasthan Trust and it is the case of the prosecution that

without obtaining permission from the concerned Pradhikaran as also

from the Government, such scheme was floated and investments were

obtained leading to non-return of the said amounts and a financial

fraud on the investors. Charge against four Accused persons is for

Criminal breach of trust, cheating and also misappropriation of monies.


Anand                            2 of 6
                                                        38. BA 581-2026.doc

The provisions of the Special Act have also been foisted in view of at

least four investors, who have come before the Court raising their

grievances of having made substantial investments, but the investments

having been dried out. Insofar the precise role of the Applicant is

concerned, even according to the prosecution case, he has received an

outlay of Rs.75,00,000/-, out of the total amounts which were received

by the principal co-accused persons namely Accused No. 1 and Accused

No. 2 in their Bank accounts.

3.      Mr. Mahadik, learned Counsel for the Applicant draws my

attention to the Order dated 24.03.2026 passed by this Court in the

present matter which records the submission on behalf of the Applicant

that the Applicant was ready to deposit a sum of Rs. 75,00,000/- before

the Trial Court. Mr. Mahadik has placed on record the receipt of such

deposit which is dated 10.04.2026 pursuant to the aforesaid Order. He

would submit that the Applicant has shown his bonafides with regard

to the highest possible prosecution case against him of the outlay of the

amounts received by him and hence, the Applicant’s case should be

considered for grant of bail. Since investigation is completed, the

Applicant has participated in the investigation and co-operated with

the investigation, his custodial interrogation would not be necessary.

That apart, he has also placed on record substantial material which


Anand                             3 of 6
                                                         38. BA 581-2026.doc

pertains to the wife of the Applicant having been diagnosed for serious

medical ailments in view of which she was, in fact, hospitalized for

more than six weeks in the month of April, 2026 in Deenanath

Mangeshkar Hospital & Research Centre, Pune.

4.      I have perused the hospital papers which are placed before me

and prima facie, they having been given by Mr. Mahadik and I have no

reason not to disbelieve them. Needless to state that a set of the said

papers is also given to the prosecution. However, in view of the

aforementioned twin issues which have been delineated by me, I am

inclined to consider the request made by Mr. Mahadik for grant of bail,

for Applicant having shown his bonafides by depositing the amount of

Rs.75,00,000/- according to the previous order passed by this Court.

5.      Mr. Karmakar, learned APP for Respondent No. 1 – State informs

the Court that Charge-sheet has been filed only qua the two principal

Accused persons namely Accused No. 1 and Accused No. 2 and

investigation is on. In that view of the matter, the Applicant is directed

to co-operate with the investigation as and when called for.

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

Bail Application of the Applicant is allowed subject to the following

terms and conditions :-

           (i)   Applicant – Raviraj Gajanan Joshi is   directed   to    be


Anand                              4 of 6
                                                       38. BA 581-2026.doc

             immediately released from prison in connection with

             CR. No. 78 of 2025;


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

             furnishing P. R. Bond of Rs.50,000/- (Rs. Fifty Thousand

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


        (iii) The Applicant shall report to the Investigating Officer at

             Deccan 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) The Applicant shall co-operate with the conduct of the

             trial and remain present before the Trial Court on all

             dates, unless specifically exempted. The Applicant shall

             not seek unnecessary adjournments. Any such conduct

             shall entitle the prosecution to apply for cancellation of

             bail;


        (v) The Applicant shall not leave the country without the

             prior permission of the Trial Court and shall deposit his

             passport with the Trial Court;


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

Anand                           5 of 6
                                                           38. BA 581-2026.doc

                 or tamper with the evidence in any manner;


           (vii) The 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.


7.      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.


8.      The Bail Application No. 581 of 2026 is allowed and disposed of

in the above terms.



                                                  (MILIND N. JADHAV, J.)


Anand                               6 of 6