RAMESH JOSHI PRESENTLY LODGED IN JUDICIAL CUSTODY AT CENTRAL JAIL COLVALEversusSTATE OF GOA THR PUBLIC PROSECUTOR AND ANR

2026:BHC-GOA:1834
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                        IN THE HIGH COURT OF BOMBAY AT GOA
                       CRIMINAL APPLICATION (BAIL) NO.21 OF 2026

                RAMESH JOSHI PRESENTLY LODGED IN JUDICIAL CUSTODY
                                  AT CENTRAL JAIL COLVALE
                                            VERSUS
                    STATE OF GOA THR PUBLIC PROSECUTOR AND ANR.
                                                …
               Mr. Vaibhav Amonkar with Mr. Raj Chodankar, Advocates for
               Applicant.
               Mr. Preetam Talaulikar, Additional Public Prosecutor with Ms. Sara
               Desai, Advocate for Respondent Nos.1 and 2.
                                               …
                                        CORAM : S. G. CHAPALGAONKAR, J.

                RESERVED ON   : 08th SEPTEMBER, 2026.
                PRONOUNCED ON : 11th SEPTEMBER, 2026.

               FINAL ORDER:-

               1.    The applicant seeks regular bail in connection with FIR

               No.3/2024 registered with EOC Police Station, North Goa for offence

               punishable under Sections 406, 409, 420, 120B of Indian Penal Code,

               Sections 3 and 5 of Goa Protection of Interests of Depositors (Financial

               Establishments) Act, 1999, Sections 4 and 5 of Prize Chit and Money

               Circulation Schemes (Banning) Act and Sections 3 and 4 of Banning of

               Unregulated Deposits Schemes Act, 2019.


               2.    The investigation was set in motion on the basis of

               information/complaint dated 30.10.2024 given by Mr. Ramesh N.

               Shirodker, Police Inspector, Economic Offences Cell, Police Station,

               Panaji-Goa alleging that accused persons who are Managing Directors,

               Directors and Agents of M/s. R. J. Papillon Nidhi Limited hatched
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criminal conspiracy and induced investors/depositors to invest in

company through various schemes in nature of Fixed Deposits, Monthly

Recurring Deposits on promise of exponential returns. Upon receiving

entrusted funds, accused persons dishonestly misappropriated money

and converted them to their own use by investing in R. J. Papillon

Multitrade Private Limited.     The accused failed to repay promised

returns/maturity amount to investors and fled by closing company/bank

and cheated investors for amount of approximately Rs.2,37,96,622/-.


3.    The aforesaid information culminated into registration of Crime

No.3/2024.    The applicant has been arrested on 27.01.2026. After

completion of investigation, charge-sheet has been filed in Sessions

Case (Ors.) No.11/2026, which is pending trial in Court of Principal

Sessions Judge, South Goa at Margaon.             The applicant moved

application for grant of regular bail before Sessions Court, which came

to be rejected vide order dated 08.07.2026 observing that offence is

serious and applicant is not resident of State of Goa.


4.    Mr. Vaibhav Amonkar, learned Advocate appearing for applicant

submits that offence has been registered in year 2024. The applicant co-

operated during course of investigation. He has submitted necessary

details to Investigating Officer from date of registration of offence till

date of his arrest. On completion of investigation, charge-sheet is filed.

Further detention of applicant would not be necessary.
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5.       Per contra, Mr. Preetam Talaulikar, learned Additional Public

Prosecutor vehemently opposes application for bail contending that

applicant alongwith other accused defrauded general public for amount

of Rs.2 crores by promising exponential returns on investment. The

schemes run by applicant and his company were illegal. The applicant

failed to co-operate during course of investigation.     Till this date,

investigation as to money trail is going on. The release of applicant

may hamper smooth prosecution.        The possibility of jumping bail

cannot be denied. The financial offences are at rise. He, therefore,

urges to reject applicant’s application for bail.   In support of his

contentions he relies upon observation of Supreme Court in case of

Nimmagadda Prasad Vs. Central Bureau of Investigation1, Deepak

Pandurang Dalvi Vs. The State of Maharashtra (Bail Application

No.4460/2024 decided on 06.08.2025) and Rakesh Mittal Vs. Ajay Pal

Gupta alias Sonu Chaudhary and Another2.


6.       Having considered submissions advanced by learned Advocates

appearing for respective parties, it can be observed that FIR has been

registered on 30.10.2024.        The applicant has been arrested on

27.01.2026. On 24.03.2026, upon completion of investigation, charge-

sheet has been filed. The applicant moved application for grant of

regular bail before Sessions Court, which came to be rejected on

08.07.2026. The sum and substance of allegation against applicant is
1    2013 (7) SCC 466.
2    2026 SCC OnLine SC 211.
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that accused persons being Managing Directors, Directors and Agents of

company     namely    M/s.   R.     J.   Papillon   Nidhi    Limited        lured

investors/depositors to invest in their company through various schemes

promising high returns on investments.              The investment worth

Rs.2,37,97,622/- has been made by victims in various schemes. The

accused persons operated through office at Vasco, Goa and attracted

huge investments through advertisement of their scheme.


7.    On arrest of applicant, it has been revealed that that Board of

Director of M/s. R. J. Papillon Nidhi Limited violated provisions of Act,

Rules and Bye-laws of company. They mismanaged affairs of company

incurring huge losses to company and investors.


8.    Perusal of statement of witnesses depicts that applicant had

floated various schemes of R. J. Papillon Nidhi Bank and M/s. R. J.

Papillon Nidhi Limited. The record indicates that some of investors

were given returns through cheques.         However, such cheques were

dishonored and in many cases there is failure to return of money. The

record indicates that applicant invested said amount in sister concerns

and ultimately, failed to return amount to investors.


9.    Although prima facie there is material against applicant depicting

commission of offence alleged, fact remains that FIR has been

registered in year 2024. The record indicates that applicant has been

arrested in January 2026 and prior to that applicant continuously co-
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operated investigation machinery. The relevant record regarding receipt

of money and its further investments, forms part of charge-sheet. Prima

facie, collection of amount and its investment by applicant’s company

was not barred by law. Although charge-sheet is filed in March 2026,

except applicant no other accused has been arrested. The possibility of

framing of charges and commencement of trial in near future is not

discernible. There are no criminal antecedents except registration of

Crime No.2321/2024 at Mumbra Police Station for similar transaction.

The applicant is behind bar for approximately 8 months. Any Further

detention of applicant would not be necessary.           The interest of

prosecution can be protected by putting necessary conditions. It is

brought to notice of this Court that applicant has refunded amount of

Rs.14,53,843/- after his arrest, which credits to his bonafides. In this

backdrop, case is made out to grant regular bail. Hence, following

order:

                                      ORDER

a.       Criminal Application is allowed on following conditions:

     (i)     The applicant be released on bail in connection with

             FIR No.3/2024 registered with EOC Police Station,

             North Goa for offence punishable under Sections 406,

             409, 420, 120B of Indian Penal Code, Sections 3 and 5

             of Goa Protection of Interests of Depositors (Financial

             Establishments) Act, 1999, Sections 4 and 5 of Prize
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       Chit and Money Circulation Schemes (Banning) Act

       and Sections 3 and 4 of Banning of Unregulated De-

       posits Schemes Act, 2019 on executing PR Bond in

       sum of Rs.1,00,000/- (Rs.One Lakh Only) with one or

       two local sureties in the like amount;

(ii)   The applicant shall attend Trial Court concerned on

       every date as fixed by Court unless exempted by orders

       of Trial Court concerned or as required by Investigating

       Officer;

(iii) The applicant shall also attend Police Station concerned

       as and when required by written notice to do so by In-

       vestigating Officer;

(iv) If applicant holds a passport, he shall deposit same with

       Police Station concerned;

(v)    The applicant shall not leave India without permission

       of Trial Court;

(vi) The applicant shall not tamper or attempt to influence

       or contact complainant, witnesses or any person con-

       cerned with case;

(vii) The applicant shall inform his latest place of residence

       and contact number immediately after being released

       and/or change of residence or mobile details, if any,
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               from time to time to Court seized of matter and to In-

               vestigating Officer to Police Station concerned;

      (viii) The applicant to co-operate with conduct of trial;

      (ix) Any infraction of aforesaid conditions shall entail can-

               cellation of bail.


                                            (S. G. CHAPALGAONKAR)
                                                     JUDGE
Devendra/September-2026