IN THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPELLATE JURISDICTION CRIMINAL APPLICATION NO. 3752 OF 2009 WITH CRIMINAL APPLICATION NO. 3479 OF 2009. Kamlakar V. Badabade Varda Kamlakar Badabade ..... ..... ...Applicants V/s The State of Maharashtra ..... ..... ..Respondent. Mr.Shailesh Chavan i/by M/s.J.Shekhar & Co. Adv. for the applicant. Mr.A.P.Mundargi, Sr.Adv. i/by Ms.B.Deshpande, Adv. For the applicant. Mr.Y.M.Nakhwa and Mr.H.J.Dedhia, APP for the Respondent. CORAM: A.P.DESHPANDE, J. 29th Sept., 2009. PC: As both these applications arise out of the same crime bearing No. 50/09 registered with Samarth police station for the offences punishable under sections 406, 409, 420 of IPC read with section 32B of Bombay Private Money Lenders Act same are being disposed of by this common order. 2. The applicant in Criminal Application No.3752/09 is the husband whereas the applicant in Criminal Application No.3479/09 is the wife. According to the prosecution the applicant in Application No.3752/09 was carrying on business in the name of proprietary concern by name `Badbade Investments’ having its office at Pune. The said applicant by name Kamlakar Badbade made false representation to the people at large and induced them to deposit huge amounts with the `Badbade Investments’ which has been misappropriated by the applicant. The prosecution has recorded statements of 97 such investors who have deposited money with `Badbade Investments’. The depositors at large 1 have suffered undue loss to the tune of Rs.1.86 crores. During the course of investigation IO has seized various documents from the applicant in Cri.Appln.No.3752/09. Documents acknowledging the deposit of money issued to the respective parties are also seized. It appears that the applicant Kamlakar was operating various schemes and had promised higher returns. The returns assured are in the form of interest at the rate of 16% or thereabouts on the deposit for a period of one year. The receipt acknowledging the amount of deposit issued by and inthe name of Badbade Investments in block letters depict SEBI registration number and date of issuance of registration by SEBI. According to the prosecution there is no permission granted to the applicant Kamlamar or Badbade Investments to accept deposits either by RBI or SEBI and the registration number finding place on the acknowledgment so also the date mentioned therein are fictitious and non-existent. Thus prima facie it can be seen that since beginning the intention of the applicant was to induce people to deposit money on the basis of representation that the applicant was having valid licence to accept deposits. 3. Learned counsel for the applicant has pointed out that so far as first informant is concerned by name Mahesh Uttam Tilekar his parents have allegedly invested an amount of Rs.15 lacs. However initially the applicant was pressurized to issue cheque in the sum of Rs.15 lacs on 12.2.09 and after the cheque was dishonoured on 14.2.09 the first informant Mahesh Tilekar pressurized the applicant to execute a conveyance where under immovable property of the applicant of value of Rs.12 lacs has been transferred in favour of the first informant on 24.3.09. The submission is that the first informant has in fact not suffered any loss as immovable property has been transferred in his 2 favour. It is then submitted that the applicant by name Kamlakar is in the business of investments since long and on account of global recession the business of investment in stocks and equities suffered resulting in causing losses to the applicant which ultimately resulted in non payment of amounts to the depositors. On perusal of the various statements and documents forming part of charge sheet it is prima facie seen that the applicant Kamlakar does not appear to be an honest businessman who had suffered losses on account of recession. It appears that the applicant Kamlakar has deliberately misrepresented and induced people to deposit money with him though he did not have either permission from RBI or SEBI for accepting deposits. Be that as it may, having regard to the fact that about 100 investors are taken for a ride that too on the basis of misrepresentation of fact pertaining to SEBI registration and permission I do not think this to be a fit case for grant of bail to the applicant in Cri.Appln. No.3752/09. 4. However so far as applicant in Cri.Appln. No.3479/09 is concerned she is the wife of the applicant Kamlakar in the connected application. Though it is stated in FIR that the husband and wife had persuaded first informant to deposit amount with Badbade Investments the applicant in Cri.Appln.No.3479/09 Varda Badbade does not appear to be in active conduct of business of `Badbade Investment’ and nor she appears to have taken any part in the actual acceptance of deposits or its investments. It is also case of the applicant Varda that she is already divorced from the applicant Kamlakar. The divorce petition is stated to have been filed on 2.12.2008. In the divorce petition itself it is stated that the parties were not in position to cohabit with each other and it was agreed that the children who are aged 17 and 13 years were to stay in custody of the mother viz. the applicant Varda. Having regard 3 to the fact that the applicant Varda Badbade in Criminal Application No.3479/09 is not prima facie concerned with the acceptance of deposits or appropriation of the amounts so received and the fact that the applicant has been in custody since April, 2009, the applicant Varda would be entitled to grant of bail. It also needs to be borne in mind that the applicant is a woman who has to look after two minor children and I am informed at the bar that there is no one else to look after them. Having regard to the fact that the applicant is a woman and has two minor children to look after and further in view of the fact that prima facie it appears that she is not connected with the crime, she is entitled to be released on bail. Hence I pass the following order: 5. Bail application No.3752 of 2009 stands rejected. Bail Application No.3479 of 2009 is allowed. The applicant-Varda Kamlakar Badbade shall be released on bail on executing personal bond in the sum of Rs.50,000/- with one or two sureties in the like amount. The applicant shall not sell, mortgage or create charge or encumbrance over any property owned by the applicant or Badbade Investments without prior permission of the Court. The applicant shall attend the concerned police station once in a fortnight on every alternate Saturday between 9.00 to 11.00 a.m. Applications stand disposed of. 29.9.2009. 4