[Cites 22, Cited by 0]
Gujarat High Court
Harshit Babulal Jain vs State Of Gujarat on 20 March, 2026
Author: Nikhil S. Kariel
Bench: Nikhil S. Kariel
NEUTRAL CITATION
R/CR.MA/27637/2025 ORDER DATED: 20/03/2026
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IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
R/CRIMINAL MISC.APPLICATION (FOR REGULAR BAIL - AFTER
CHARGESHEET) NO. 27637 of 2025
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HARSHIT BABULAL JAIN
Versus
STATE OF GUJARAT
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Appearance:
JAY K PUROHIT(9147) for the Applicant(s) No. 1
MR SUMIT B SIKARWAR(5991) for the Applicant(s) No. 1
MR ADITYA JADEJA, ADDL. PUBLIC PROSECUTOR for the Respondent(s)
No. 1
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CORAM:HONOURABLE MR. JUSTICE NIKHIL S. KARIEL
Date : 20/03/2026
ORAL ORDER
1. Heard learned advocate Mr.Virat Popat for learned
advocate Mr.Jay Purohit appearing on behalf of the applicant
and learned Additional Public Prosecutor Mr.Aditya Jadeja
appearing on behalf of the respondent-State.
2. Rule. Learned APP waives service of rule on behalf of
the respondent-State.
3. The applicant has filed this application under Section
483 of the Bharatiya Nagarik Suraksha Sanhita, 2023 for
enlarging the applicant on Regular Bail in connection with FIR
being C.R. No. 11191010230171/2023 registered with
Madhavpura Police Station, Ahmedabad City for the offence
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R/CR.MA/27637/2025 ORDER DATED: 20/03/2026
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punishable under Sections 4, 5 of the Gambling Act, Sections
406, 419, 420, 465, 467, 468, 471, 120B, 34, 201 of the IPC,
Sections 66-C, 66-D, 75 of the Information Technology Act,
Sections 23(e), 23(a), 23(f), 23(g), 23(h) of the Securities
Contract Regulation Act, 1956.
4. Learned advocate for the applicant would submit that
considering the role attributed to the applicant, and nature of
the allegation levelled, the applicant may be enlarged on
regular bail. It is further submitted that since the charge-
sheet is filed no useful purpose would be served by keeping
the applicant in jail for indefinite period. It is further
contended that the applicant is ready and willing to abide by
all the conditions that may be imposed by this Court if
released on bail.
5. As against the same, learned Additional Public
Prosecutor appearing for the respondent - State has
vehemently objected to the grant of regular bail. Learned APP
has submitted that looking to the nature of offence and the
role attributed to the present applicant as coming out from
the charge-sheet, this Court may not exercise the discretion in
favour of the applicant and the application may be dismissed.
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6. I have heard learned advocates appearing on behalf of
the respective parties and perused the papers. Following
aspects are considered:-
i. The allegation against the accused is of committing
offence punishable under Sections 406, 420, 465, 471 etc.
of the IPC, under the provisions of the I.T. Act and under
the provisions of SEBI Act, 1956.
ii. The role attributed to the present applicant being that
he was the main coordinator more particularly the
allegation being that the accused had created a website
where they were indulging in dabba trading i.e. trading
without any license etc. and thereby violated the guidelines
under the SEBI Act.
iii. Allegations further being that for the purpose of
facilitating transfer of money, shell companies were
created and whereas, accounts were opened in the name of
shell companies and monies were transacted through the
said shell companies.
iv. The allegation against the present applicant is that he
had coordinated the creation of the shell companies and
whereas, it is alleged that the entire fraud is valued at
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around Rs.2300 crores.
v. As against the same, this Court has noticed that all the
other accused including the accused who was managing
the affairs of the website, have been released by the
learned Coordinate Benches.
vi. This Court has also noticed that in a quashing petition
preferred by the co-accused, a learned Coordinate Bench of
this Court has granted stay against the trial with regard to
offences under the SEBI Act.
vii. This Court has also considered the fact that while the
fraud is alleged to be valued at around Rs.2300 crores, yet,
there is not a single victim who has alleged that any loss
whatsoever has been caused to him.
viii.It also appears that the persons whose credentials had
been forged for the purpose of creating account / opening a
company etc. have, at some point of time, received some or
other commission, therefore, even such persons have not
alleged anything against the present applicant.
ix. It also appears that the present applicant had been
absconding for a substantially long period of time and
whereas, it appears that the applicant could be arrested
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only after the red corner notice had been issued against
him.
x. As against the same, this Court has noticed the fact that
the applicant is in custody since 05.09.2025, charge-sheet
having been filed and whereas, there are no other
antecedents against the present applicant more particularly
there being three antecedents, of which in one, the present
applicant has been acquitted i.e. for offence punishable
under Section 323, the applicant had been imposed with a
fine for an offence under the prevention of Gambling Act
and a compliant under Section 138 of the Negotiable
Instruments Act, as of now, pending.
xi. Thus, to this Court, it would appear that when all the co-
accused including the accused who was managing the
website have been released by learned Coordinate Benches
and whereas, since it appears that trial has been stayed for
the offences under the SEBI Act in case of co-accused, this
Court is inclined to consider this application, albeit with
appropriate safeguards.
This Court has taken into consideration the law laid
down by the Hon'ble Apex Court in the case of Sanjay
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Chandra v. Central Bureau of Investigation reported in
[2012] 1 SCC 40.
7. In the facts and circumstances of the case and
considering the nature of the allegations made against the
applicant in the First Information Report, without discussing
the evidence in detail, prima facie, this Court is of the opinion
that this is a fit case to exercise the discretion and enlarge the
applicant on regular bail.
8. Hence, the present application is allowed. The applicant
is ordered to be released on bail in connection with F.I.R.
registered as C.R. No. 11191010230171/2023 registered with
Madhavpura Police Station, Ahmedabad City, on executing a
bond of Rs.1,00,000/- (Rupees One Lakh only) with one surety
of the like amount to the satisfaction of the trial Court and
subject to the conditions that he shall;
[a] not take undue advantage of liberty or misuse liberty;
[b] not act in a manner injurious to the interest of the
prosecution;
[c] surrender passport, if any, to the lower court within a
week;
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[d] not leave the State of Gujarat without prior permission
of the Sessions Court concerned;
[e] furnish the present address of residence to the I.O. and
also to the Court at the time of execution of the bond and
shall not change the residence without prior intimation to
the I.O.;
[f] mark presence once a fortnight for a period of six
months and thereafter once a month for a period of six
months before the concerned police station.
9. The Authorities will release the applicant only if he is not
required in connection with any other offence for the time
being. If breach of any of the above conditions is committed,
the Sessions Court concerned will be free to take appropriate
action in the matter.
10. Bail bond to be executed before the lower court having
jurisdiction to try the case. It will be open for the concerned
Court to delete, modify and/or relax any of the above
conditions in accordance with law.
11. At the stage of trial, the trial court shall not be
influenced by any observations of this Court which are of
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preliminary nature made at this stage, only for the purpose of
considering the application of the applicant for being released
on regular bail.
12. The application is allowed in the aforesaid terms. Rule is
made absolute to the aforesaid extent. Direct service is
permitted.
(NIKHIL S. KARIEL,J)
Bhoomi
