KAJAL TEJAS CHUDASAMAversusTHE STATE OF GOA (THR THE OFFICE OF THE PUBLIC PROSECUTOR) AND ANR

2026:BHC-GOA:1879
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                         IN THE HIGH COURT OF BOMBAY AT GOA

                       CRIMINAL APPLICATION (BAIL) NO.38 OF 2026

                                  KAJAL TEJAS CHUDASAMA
                                             VERSUS
                                 THE STATE OF GOA AND ANR.
                                                 …
               Mr. Veerdhawal Deshmukh (through V.C.) with Mr. Sankalp Kamat
               holding for Mr. Nihal Kamat, Advocates for Applicant.
               Mr. Nikhil Vaze, Additional Public Prosecutor for State.
                                                 …
                                         CORAM : S. G. CHAPALGAONKAR, J.

                RESERVED ON   : 16th SEPTEMBER, 2026.
                PRONOUNCED ON : 22nd SEPTEMBER, 2026.

               FINAL ORDER:-

               1.    The applicant seeks pre-arrest bail in connection with Crime

               No.4/2025 dated 03.06.2025 registered with Economic Offences Cell

               (EOC) Police Station, Porvoim, Goa for offences punishable under

               Sections 406, 409, 420, 120-B of Indian Penal Code and Sections 3 and

               5 of Goa Protection of Interests of Depositors (In Financial

               Establishments) Act, 1999 (GPID Act).


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

               given by Mr. Venan B. Dias. In short it is stated that prior to December

               2024 “Bio Estate Solutions Private Limited” started its operation

               through an office at Mapusa, Goa. The accused who were Directors of

               said company induced informant and other investors to invest with

               promise of exponential returns under different schemes like Land
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purchase, Pension Scheme, Biokkin and COW Coin under part of

Cinema on Web (B-2). The large number of investors, relying upon

promise by Directors, invested into aforesaid scheme. It was revealed

that Bio Estate Solutions Pvt. Ltd. was not registered with RBI and

NBFC and without permission they have accepted investments and

finally duped victims.


3.    The investigation is completed and Charge-sheet No.1/2026 dated

17.03.2026 has been filed in Sessions Court at Goa. Accordingly,

Special Case No.1/2026 has been registered. The applicant is assigned

as accused no.8 and marked as absconding.


4.    The applicant had moved application for pre-arrest bail before

Special Court vide ABA No.24/2026, which came to be rejected vide

order dated 25.02.2026. Hence, this application.


5.    Mr. Deshmukh, learned Advocate appearing for applicant submits

that applicant has been falsely implicated in aforesaid crime. She is

unconcerned with Bio Estate Solutions Pvt. Ltd. or its Directors. She

never visited Goa or induced any investor nor she has signed any

Memorandum of Agreement.           She has been implicated in aforesaid

crime on the basis of supplementary statement of informant being

partner of accused no.1 Shri. Shivaji Walake in Cinema on Web (B-2).

There is nothing to show that applicant has derived any benefit out of

transaction connected with crime. The investigation is completed. The
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applicant is lady having 15 years old minor daughter. Her custodial

interrogation is not necessary.      Although applicant is shown as

absconding, no proceeding under Section 82 of Criminal Procedure

Code has been taken up.


6.       Per contra, Mr. Vaze, learned Additional Public Prosecutor

vehemently opposes application. He submits that initially allegations in

complaint were in respect of Bio Estate Solutions Pvt. Ltd., however,

during investigation, money trail was found and huge amount was

diverted into Cinema on Web (B-2). The applicant is partner in COW

Coin.        Her custodial interrogation would be necessary.        She is

absconding and did not co-operate for investigation, when notice was

served upon her. He would, therefore, urge to reject application. In

support of his submissions he relies upon judgment of Supreme Court in

case of Balmukund Singh Gautam Vs. State of Madhya Pradesh and

Another1.


7.       Having considered submissions advanced by learned Advocates

appearing for respective parties and on perusal of investigation papers

submitted for consideration of this Court, it can be observed that

although applicant is unconcerned with Bio Estate Solutions Pvt. Ltd.,

investment was procured from victims under four different schemes.

One of them was Cinema on Web (B-2). The applicant is found joint

account holder in name of Cinema on Web with Mr. Shivaji Wakale i.e.
1    (2026) 6 SCC 216.
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accused no.1. The account statement shows transaction of Rs.15 crores

during period from July 2021 to July 2024. Perusal of statement of

witnesses clearly suggests that huge investment was directed towards

COW Coin. She appears to be partner of accused no.1 in COW Coin.

As such, custodial interrogation of applicant would be necessary to find

out further money trail.


8.       It is apparent that, applicant has avoided to co-operate with

investigation.            She was served with notice under Section 35(3) of

BNSS, 2023. However, she did not appear before investigator. In such

circumstances, applicant cannot be given protection of pre-arrest bail.


9.       In result, Criminal Application sans merit. Hence, rejected.



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