Bombay High Court
Kishor Devidas Bhosale vs The State Of Maharashtra on 5 August, 2021
Bench: Bharati Dangre
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THE HIGH COURT OF JUDICATURE AT BOMBAY
CRIMINAL APPELLATE JURISDICTION
BAIL APPLICATION NO.522 OF 2020
Kishor Devidas Bhosale ]
R/at, A4, Flat No.604, 10 Elite Society, ]
Pimple Gurav, Pune, Dist. Pune. ]
[Presently at Central Prison, Yervada, Pune.] ] ... Applicant
Versus
The State of Maharashtra ]
[Through Baramati Taluka Police Station.] ] ... Respondents
ALONG WITH
BAIL APPLICATION NO.548 OF 2021
Kishor Devidas Bhosale ]
R/at, Tenilights Society, Pimpalegurav, ]
Sangavi, Pune. ] ... Applicant
Versus
The State of Maharashtra ]
[Through Phaltan Police Station.] ] ... Respondents
ALONG WITH
BAIL APPLICATION NO.723 OF 2020
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Kishor Devidas Bhosale ]
R/at, A4, Flat No.604, 10 Elite Society, ]
Pimple Gurav, Pune, Dist. Pune. ]
[Presently at Central Prison, Yervada, Pune.] ] ... Applicant
Versus
The State of Maharashtra ]
[Through Baramati City Police Station.] ] ... Respondents
...
Mr. Sandeep Salunkhe for the Applicant.
Mr. P.N. Dabholkar, A.P.P. for the State.
...
CORAM : SMT. BHARATI DANGRE, J.
DATED : 05TH AUGUST, 2021.
ORDER:-
1. All these three Bail Applications are filed by the same
Applicant seeking his release in three distinct CRs, two of which
are registered with Baramati City Police Station and one registered
with Phaltan Police Station, thereby invoking Sections 406, 409,
420, 467, 468 read with Section 34 of the Indian Penal Code
("IPC") and Sections 3 and 4 of the Maharashtra Protection of
Interest of Depositors (In Financial Establishments) Act, 1999
("the MPID Act"). The two cases registered with Baramati City
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Police Station have culminated into Special MPID Case Nos.1 and
2 of 2019. Since the nature of accusations faced by the Applicant
is similar in nature in all the three CRs, the Applications were
tagged together and argued collectively by learned counsel for the
Applicant and learned A.P.P. The Applications are disposed of by
this common order.
2. In C.R. No.138 of 2019 registered with Baramati Taluka
Police Station, the Complainant is one Anisha Aslam Shaikh, who
allege that she has established a Mahila Bachat Gat under
Mahalaxmi Narayan Mahila, Pune, which is controlled by Success
Group, Pune. The Bachat Gat comprised of women members,
who contributed a fixed amount of Rs.200/- per month, which was
deposited by the Complainant with one Mahadeo Dhavale of
Success Group in the Khandala Branch. It is alleged that the
founder of Success Group - Shivaji Dhamdhere and the Chairman,
Mandarani Dhamdhere interacted with the women members of the
Bachat Gat and introduced them to employment scheme and
persuaded the members to deposit their amounts in bank account
of Shivaji Success Pvt. Ltd. Thereafter, the founder of Success
Group, Shivaji Dhamdhere and the Chairman, Mandarani
Dhamdhere established, Shivjeet Mudra Multi-State Credit Co-
operative Society. In order to induce the members, a rosy picture
was painted that interest at the rate of 9% per annum would be
paid on the fixed deposit and 5% interest would be paid on the
saving and current accounts.
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3. In C.R. No.142 of 2020, the Complainant is one Vidya
Namdeo Sapkal, who was also a member of Success Group's
Mahalaxmi Narayan Mahila Mahasangh Pune, Branch Phaltan and
it is alleged that Shivaji Dhamdhere and Mandarani Dhamdhere of
the said Mahasangh arranged a programme in Phaltan inducing the
investors in Shivjeet Mudra Multi State Credit Co-operative
Society Limited, which was operating in the States of
Maharashtra, Gujarat and Karnataka. The Complainant allege that
the Applicant is the CEO of the Society and actively participated
in the whole propaganda. On assured of the returns, six Bachat
Gats of 15 women each in Phaltan and Mahabaleshwar collected
Rs.200/- per month from every member and deposited it in the
said Society. The investment was for one year, supported by the
receipt of the deposits. On maturity of the deposits, when the
Complainant contacted the Dhamdheres and the present Applicant,
they assured to return the money soon, but money was never
returned.
4. In C.R. No.296 of 2019 registered with Baramati City Police
Station, the Complainant is one Bhakti Prakash Kshirsagar,
resident of Baramati, who was informed about the Success Group
and Mahalaxmi Narayan Mahil Mahasangh Bachat Gat and on a
meeting being arranged with Dhamdheres, who convinced the
Complainant and other women folks accompanying her, that they
will create employment through the Success Group on stipulation
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that every member of Bachat Gat will have to contribute an
amount of Rs.200/- per month and, on completion of one year,
they will be entitled to get Rs.2,688/- i.e. interest at 12% per
annum. The Bachat Gat came to be constituted with one President
and 14 members. The Complainant allege that she deposited an
amount of Rs.1,65,300/- and one Sunita Agawane, who had also
made her own group, deposited an amount of Rs.10,20,573/-.
After one year, when the date of maturity was crossed, when she
approached the Applicant and Dhamdhere and demanded their
money, she was informed that they have formed Shivjeet Mudra
Multi State Credit Co-operative Society Limited and all their
money would be returned back. The Complainant also allege that
she invested Rs.3,70,000/- in various deposits and when the time
came for returning the moneys, the promoters of the scheme
backed out.
5. These allegations resulted in registration of different CRs
invoking the relevant offences under the IPC and Sections 3 and 4
of the MPID Act.
6. The Applicant came to be arrested along with Ashok
Dhamdhere and Ashwini Dhamdhere on 01/04/2019 in a C.R.
registered with Baramati Taluka Police Station, Pune.
Considering the spread of the alleged act involving huge amounts,
the investigation was transferred to Economic Offences Wing,
Pune on 04/05/2019. The other accused persons Mandaranai
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Dhamdere and Shivaji Dhamdhere came to be arrested on
15/05/2019. The investigation was completed and charge-sheet is
filed before the competent court.
7. At the outset, learned counsel for the Applicant has raised an
objection to the effect that the provisions of the MPID Act cannot
be made applicable to the present C.Rs. since the Society in which
the amounts are invested is a Multi State Co-operative Society,
which would not fall within the purview of "Financial
Establishment" within the meaning of Section 2(d) of the MPID
Act. Further, the submission of learned counsel for the Applicant
is to the effect that the Applicant was a Director of Aditya Aarthik
Niyojan Co-operative Credit Society, which was subsequently in
2018, merged with Shivjeet Mudra Multi State Credit Co-
operative Society Limited and, therefore, he cannot be indicted in
the said crime. The submission is that no amount is transferred to
him, but the entire amount has gone to the account of Mandarani
Dhamdhere and, therefore, the default to return the amount as
assured to various women groups, cannot be attributed to him.
8. John Legend, an American producer, actor and
philanthropist has once remarked, "If all men care about women's
right, the world will be a better place. We are better off when
women are empowered, it leads to a better Society."
The Applicant takes a stand that he propagated a scheme for
empowerment of women by ensuring that they are trained in
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various skills like tailoring, beauty culture, making of household
items, eatables, etc. The Applicant is alleged to have run one
Aditya Aarthik Niyojan Co-operative Credit Society, which
merged into the Shivjeet Mudra Co-operative Credit Society
Limited. The Applicant is shown as Managing Director of Aditya
Aarthik Niyogan Co-operative Credit Society. The role played by
the Applicant in the entire episode is crucial. He is an economist
and published various articles through widely circulated
newspapers in the region, by which, he influenced the investors,
largely rural women, who were lured to invest into the Credit
Society. The material published in various newspapers are placed
on record by the prosecution and when perused, it reflects that the
advertisements were issued for luring the investors in the form of
"Smart RD Scheme", which propagated investments of Rs.200/-
per month for a period of one year with a maturity value of
Rs.6,500/-. The article published by the present Applicant
propagated the scheme, in the form of 'Bachat Gat Sankalpana - A
key of overall development of women', where the Applicant
projected himself as an Economist and expressed his views about
women coming together and forming Bachat Gats for their overall
empowerment. His another article published, projecting himself
as an Economist, is under the caption 'Investment is an Art - How
to become an Expert?'. The Applicant inaugurated various
branches of Shivjeet Mudra Co-operative Credit Society Limited
amongst a huge number of women participants and his photograph
flanked with several women, were printed on front page of News
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Tabloids, some resourseful women formed Bachat Gats for
facilitating the investment and a systematic method was adopted
for luring more and more women investors. All these documents
form part of the charge-sheet.
9. The website of the Government of India, Ministry of
Agriculture, Department of Agriculture and Co-operation, reveals
that Aditya Arthik Niyojan Multi-State Co-operative Credit
Society Limited Pune, formed on 31/03/2017 is a credit Society
with an authorized share capital of Rs.10,00,00,000/-. The
activities undertaken by the Credit Society is reflected as deposits
accepted from members and disbursed to members. The area of
operation is shown as Maharashtra and Gujarat. The Managing
Director of the said Multi State Co-operative Society is the present
Applicant, Kishor Bhosale. This Society further merged into
Shivjeet Mudra Multi State Credit Co-operative Society Limited,
continuing with its object and functioning to provide assistance to
groups of women captioned as 'Bachat Gat' and also individual
women.
10. The statements of various investors are compiled in the
charge-sheet, who clearly assign the role to the present Applicant
as the person, who induced the women to invest in the schemes
and who propagated them by arranging for meets to explain the
schemes to rural women. The women, who formed Bachat Gats
from their hard earned money, set out their savings to be invested
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in Bachat Gats, which invested into the schemes and, one day,
woke up to the fact that they have been duped.
11. According to the prosecution, in C.R. No.138 of 2019
registered with the Baramati Taluka Police Station, the total
amount misappropriated is to the tune of Rs.44,29,190/- whereas,
in another C.R. No.296 of 2019 registered with the same Police
Station, the amount misappropriated is to the tune of
Rs.50,55,000/-. In C.R. registered with the Phaltan Police Station,
the amount misappropriated, according to the prosecution, is
Rs.53,14,437/- whereas, according to learned counsel for the
Applicant, is Rs.36,28,787/-.
12. The objection of learned counsel for the Applicant that the
MPID Act is not attracted is overruled in the light of the Division
Bench judgment of this Court in the case of Shridhar s/o. Udhav
Kolpe & Anr. v. State of Maharashtra & Ors. reported in 2018
ALL MR (Cri.) 4428, which has taken a view that a Multi-State
Co-operative Society is not excluded from the operations of MPID
Act by referring to the scheme of Multi State Co-operative
Societies Act, 2002. In the wake of the said Division Bench
judgment, the provisions of the MPID Act are made applicable to
the Multi-State Co-operative Society and the Applicant being
Director of Aditya Arthik Niyojan Multi State Co-operative Credit
Society Limited, a Multi-State Co-operative Society and which is
subsequently merged into Shivjeet Mudra Multi-State Credit Co-
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operative Society Limited, the provisions of the MPID Act are
clearly applicable. The statements of witnesses clearly reflect that
it is a 'Financial Establishment' and the activity undertaken by the
said Society of accepting the money with an assured return after
specified period, would fall within the purview of "Deposit" as
defined in Section 2(c) of the MPID Act.
13. The evidence in the charge-sheet reflects the modus
operandi of the Society of which the Applicant forms an integral
part. He was the main propagator of the entire scheme of
investments. In terms of Section 3 of the MPID Act, whenever
there is a default committed on behalf of any Financial
Establishment in repayment of deposit on maturity along with any
benefit in the form of interest, bonus, profit or in any other form as
promised, every promoter, partner, director, manager or any other
person or an employee or any other person or an employee
responsible for the management of or conducting of the business
or affairs of such Financial Establishment, shall be held liable.
The Applicant clearly falls within the ambit of Section 3 of the
MPID Act. The entire episode of luring the rural women into the
scheme is a systematic effort to relieve them of their amounts with
a promised return, in the form of money and employment which
never came. The amount involved is huge, the allegations are
serious and prima facie, compiled in the charge-sheet. Mere fact
that the Applicant has been incarcerated for 2½ years does not
justify his release. Considering the gravity and seriousness of the
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accusations and the material indicating his involvement, all the
three Applications are rejected.
[SMT. BHARATI DANGRE, J.]
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