SANDIP CHINTAMAN SAMANT vs STATE OF MAHARASHTRA

Judgment text excerpt

Prasad Rajput (P.A.) 2-BA-4116-2024.DOC IN THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPELLATE JURISDICTION BAIL APPLICATION NO.4116 OF 2024 Sandip Chintaman Samant …Applicant Versus State of Maharashtra …Respondent Mr. Satyavrat Joshi a/w Samay Pawar, for the Applicant. Ms. Megha S. Bajoria, for the Respondent. PI – Dattatray V. Bhapkar, EOW/Thane. CORAM DR. NEELA GOKHALE, J. RESERVED ON : 09TH SEPTEMBER 2025 PRONOUNCED ON: 22ND SEPTEMBER 2025 JUDGMENT:- 1. The Applicant seeks his release on bail in connection with C.R. No.77 of 2023 dated 4th March, 2023 registered with Police Station, Thane for offences punishable under Sections 420, 406, 427, 34 and 120-B of the Indian Penal Code, 1860 and Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999 (for short MPID). 2. The case of the prosecution is as follows: Page 1 of 20 nd 22 September 2025 Prasad Rajput (P.A.) 2-BA-4116-2024.DOC i) The Complainant saw an advertisement on YouTube inviting members of the general public to invest in A. S. Agri and Aqua L.L.P., a Company stated to be engaged in conducting new Technology Training Programmes and Investments. She called on the telephone number provided in the advertisement and was able to connect with one Mr.Akshay Apte as well as Mr.Avinash Baban Sangle, stated to be the Directors of the said Company. On 12th July, 2021, the Complainant’s husband and son visited the project site of the A. S. Agri Company. Mr. Akshay Apte and Avinash Sangle induced the Complainant and her family to invest in said project. They were promised double returns on their investments within 16 months. Additionally, they were promised Rs.1 crore after 16 months and further Rs.1 crore per year for the next five years. The said Akshay Ap