Bombay High Court
MUKESH BHARAT BHOYEversusSTATE OF MAHARASHTRA
- Decided
- Disposal
- Allowed
Holding
The court granted bail to Mukesh Bharat Bhoye subject to a bond of Rs.50,000 and a deposit of Rs.30,00,000 along with specified conditions.
Summary
Mukesh Bharat Bhoye was arrested in connection with a cheating and misappropriation scheme involving a company that promised investors a 14% monthly return, violating IPC sections 406, 409, 420 and 34 and MPID Act sections 3 and 4. The prosecution presented a prima facie case, but the trial had been delayed for two years and a co‑accused (A3) had already been released on bail. Bhoye’s counsel offered to deposit Rs.30,00,000 in the trial court and pledged not to tamper with evidence or abscond. The State opposed bail, citing the seriousness of the offence and a pending case in Gujarat. The court, noting the prolonged detention, the bail of the co‑accused, and Bhoye’s financial undertaking, granted bail subject to a Rs.50,000 bond, the stipulated deposits, regular police reporting, and other conditions, and disposed of the intervening application.
Issues considered
- Whether bail should be granted despite a prima facie case of cheating and misappropriation under IPC and MPID Act.
- Whether the applicant is likely to abscond or tamper with evidence.
- Whether the applicant’s financial undertaking and conditions are sufficient to justify bail.
Legislation cited
- Indian Penal Code — s. 34, 406, 409, 420
- Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999 — s. 3, 4
Subjects
- bail
- cheating
- misappropriation
- financial fraud
- IPC
- MPID Act
- prima facie case
- bond
- deposit condition
- non‑absconding
Judgment
WAKLE MANOJ 907-BA-886-2025.DOC
MANOJ
JANARDHAN
Digitally signed by IN THE HIGH COURT OF JUDICATURE AT BOMBAY
WAKLE MANOJ
JANARDHAN CRIMINAL APPELLATE JURISDICTION
Date: 2026.09.28
16:32:33 +0530
CRIMINAL BAIL APPLICATION NO.886 OF 2025
Mukesh Bharat Bhoye …Applicant
V/s.
The State of Maharashtra …Respondent
WITH
INTERIM APPLICATION NO.375 OF 2026
IN
CRIMINAL BAIL APPLICATION NO.886 OF 2025
Ritesh Narendra Badani …Intervenor
IN THE MATTER BETWEEN:-
Mukesh Bharat Bhoye …Applicant
V/s.
The State of Maharashtra …Respondent
Mr. Aniket U. Nikam a/w Mr. Sumit Patil & Adv. Shivraj Dubele,
for the Applicant.
Ms. Veera Shinde, APP for the Respondent-State.
Mr. Chudaman More, PSI, Manikpur Police Station, present.
Mr. Yogesh Baburao Borse, (brother in law of the Applicant).
CORAM: SHYAM C. CHANDAK, J.
DATED : 23rd SEPTEMBER, 2026
P.C. :-
1. Heard learned counsel for the parties. Perused the record.
2. Applicant Mukesh Bhoye seeks his release on bail in
connection with Cr.No.292 of 2024, registered with Manikpur
Police Station, District - Palghar for the offence punishable under
Sections 406, 409, 420 and 34 of the Indian Penal Code, 1860
(“IPC”) and Sections 3 and 4 of the Maharashtra Protection of
Interest of Depositors (in Financial Establishments) Act, 1999
(“MPID Act”).
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MANOJ 907-BA-886-2025.DOC
Aforesaid I.A. No.375 of 2026 has been filed by original
informant Ritesh Wadhani to seek permission to intervene.
However, none present for said Ritesh Wadhani.
3. Prosecution case is that between April 2023 to March 2024,
the applicant registered a company namely “M/s. M. Trade” (A1) to
deal in for-ex. It is alleged that, the applicant along with A3, in
furtherance of their common intention deceived the informant and
certain other investors by making false promise that, if they invest
their money in the said company, they will get monthly profit @
14% for next 14 months and, if the investment amount is Rs.5 lakhs,
they will get additional Rs.20,000/- as reward. Further the accused
persons fraudulently/dishonestly induced in all 16 investors to
invest more than Rs.97,00,000/- in the said company. However,
the accused persons neither returned the principle amount nor paid
the profit as promised. Thus, the applicant and his co-accused
committed this offence of cheating and misappropriation.
Therefore, aforesaid offence was registered and the accused persons
were arrested. Investigation led to filing of charge-sheet. The trial
Court rejected the applicant’s prayer for bail.
4. Mr.Nikam, learned counsel for the applicant submitted that,
the applicant is innocent. On instructions from Yogesh Baburao
Borse, who is brother-in-law of the applicant and present before the
Court, Mr. Nikam stated that to show his bona fide, the applicant is
ready to deposit Rs.15,00,000/- in the trial Court before his release
and additional Rs.15,00,000/- in three monthly installments.
Further, on instructions, from the brother-in-law he stated that,
without prejudice, the applicant will not object to disburse that
amount of Rs.30,00,000/- amongst the investors in proportion to
their investment amount. He submitted that, as alleged, A3 has
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MANOJ 907-BA-886-2025.DOC
played similar role in the crime, who is released on bail by this
Court. He, therefore, urged to grant the bail.
5. Ms. Shinde, learned APP, on the other hand, submitted that
there is a prima facie case against the applicant of having
committed the alleged offence. Therefore, bail may be refused.
6. I have considered these submissions. Considering the
material on record, there is a prima facie case against the applicant
of having committed the said offence along with his co-accused.
However, it cannot be ignored that A3, who is attributed
similar role, is released on bail. The applicant is in jail for last two
years. Although, charge is framed on 2nd January, 2026, the trial has
not advanced. The prosecution cited 39 witnesses. The trial is not
likely to conclude in the foreseeable future. Ms. Shinde, the learned
APP submitted that, in the year 2025, one criminal case was
registered against the applicant in Gujarat but its details are not
supplied. The applicant is not likely to abscond and temper with the
prosecution evidence.
7. In view thereof and, considering the said submission by Mr.
Nikam, I am inclined to released the applicant on bail. Hence,
following Order:-
(i) Applicant – Mukesh Bharat Bhoye shall be released on
bail in connection with Cr.No.292 of 2024, registered with
Manikpur Police Station, District - Palghar, on his furnishing
P.R. Bond in the sum of Rs.50,000/- with one or two sureties
in the like amount.
(a) As a voluntarily undertaken by the applicant
through his relative Mr. Yogesh Baburao Borse, the
applicant would deposit Rs.15,00,000/- in the trial
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MANOJ 907-BA-886-2025.DOC
Court before his release from jail. Thereafter, the
applicant shall deposit additional Rs.15,00,000/- in
three monthly installments.
(b) As suggested by Mr. Nikam, an Affidavit
undertaking to pay the aforesaid amount and giving no
no-objection for its distribution shall be filed by the
applicant before his release on bail.
The Superintendent of Thane Central Prison to
permit the applicant to execute the necessary Affidavit
before him. Thereafter, the said Affidavit shall be filed
with the Trial Court with copy to this Court.
(c) The trial Court will be at liberty to distribute the
said amount of Rs.30,00,000/- amongst the investors
in proportion to the amount of their investment. The
applicant shall not take any objection for the
disbursement of that amount of Rs.30,00,000/-.
(d) However, it is clarified that the aforesaid deposit of
Rs.30,00,000/- by the applicant shall be without
prejudice to the rights, contentions and defence to be
taken by the parties in the trial Court or other
proceedings arising out of this crime. Further, the said
deposit shall not be construed as an admission of this
crime by the applicant.
(ii) The applicant shall mark his attendance at Manikpur
Police Station, District - Palghar, on 1st day of month in every
two months, 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
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MANOJ 907-BA-886-2025.DOC
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 leave the territorial jurisdiction
of the trial Court without prior permission.
(vii) The applicant shall not indulge in identical activities for
which he has been arraigned in this case.
(viii) It is clarified that any observation made in the present
Order are for the purpose of deciding the present Bail
application and should not influence the outcome of the trial
and also not be taken as an expression of opinion on the
merits of the case.
8. Application stands disposed of in the aforesaid terms.
9. In view of the disposal of the B.A. No.886 of 2025, I.A.No.375
of 2026 does not survive and, is disposed of, accordingly.
(SHYAM C. CHANDAK, J.)
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