Madhya Pradesh High Court
Milan Garg vs The State Of Madhya Pradesh on 5 August, 2025
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IN THE HIGH COURT OF MADHYA PRADESH
AT JABALPUR
BEFORE
HON'BLE SHRI JUSTICE DEVNARAYAN MISHRA
ON THE 5 th OF AUGUST, 2025
MISC. CRIMINAL CASE No. 21612 of 2025
MILAN GARG
Versus
THE STATE OF MADHYA PRADESH
Appearance:
Shri Raviraj R. Paramane - Advocate for the applicant.
Shri Akshay Namdeo - Government Advocate for the respondent-
State.
ORDER
This is the first application filed by the applicant under Section 483 of
Bhartiya Nagrik Suraksha Sanhita , 2023 for grant of regular bail relating to
FIR/Crime No.509/2024 registered at Police Station - Sausar, District -
Pandhurna (M.P.) for the offence punishable under Sections 420, 460, 465,
120-B, 294, 506 of IPC and Section 6 of Madhya Pradesh Protection of
Depositors' Interests Act, 2000, Sections 21(1)(2)(3), 22, 23 of Banning of
Unregulated Deposit Schemes Act, 2019 and Section 4, 5 of Prize Chits and
Money Circulation Schemes (Banning) Act, 1978. The applicant is in
custody since 03.04.2025.
2. Learned counsel for applicant has submitted that there is no link
between the applicant and the accused Ganesh Suryavanshi s/o Shankarlal
Suryavanshi or with HypeNext Company or the platform. No money has
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been transferred to him. There is no evidence against the applicant that he is
the Managing Director or Proprietor of the so-called Company/Firm in
which the money was deposited. The Police has implicated this applicant in
the case only on the basis that Himachal Pradesh Police has arrested the
applicant and Madhya Pradesh Police has obtained certain documents from
Himachal Pradesh Police.
3. Learned counsel for the applicant has further submitted that co-
accused persons namely Ganesh, Kundan Dhok and Madhusudan have
already been enlarged on bail. The case of the applicant is not different from
the case of the co-accused persons, hence, he be enlarged on bail.
4. Learned Government Advocate for the State has submitted that the
Finance Company/Platform was developed by this applicant. Similar type of
offence as Crime No.120/2023 under Section 420, 120 of IPC is registered
against the applicant at Police Station-Palampur, Kangra (H.P.) and also
submitted that the In-charge of the so-called Company is the applicant.
Hence, the applicant is not entitled to be released on bail.
5. Heard learned counsel for the parties and perused the case diary.
6. The basic case is registered on 22.12.2024 in Police Station-Sausar,
District-Pandhurna as a Crime No.509/2024 alleging that 14 persons namely
Kapil Yamde s/o Manohar Yamde, Dinesh s/o Kishanlalji, Santosh s/o
Subbalal Yadav, Shekharsuman s/o. Sukumar Gaain, Manoj s/o Ashok
Srivas, Hemant s/o Shankarlal Soni, Md. Noor Khan s/o Gul Mohammad
Khan, Neelesh s/o Horilal Tandekar, Sanjay s/o Rajaram, Vijay s/o Arun
Bende, Sandeep s/o Shankarlalji Bagani, Chanchalesh s/o Surendra Bauskar
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invested more than Rs.75,00,000/- in the HypeNext Company through co-
accused Ganesh Suryavanshi. They were given the advance cheques but
money was not paid to them. On that basis, offence under Sections 420, 406,
465, 471, 120-B, 296, 351(2) of IPC, Section 6 of Madhya Pradesh
Protection of Depositors' Interests Act, 2000, Sections 21(1)(2)(3), 22, 23 of
Banning of Unregulated Deposit Schemes Act, 2019 and Section 4, 5
of Prize Chits and Money Circulation Schemes (Banning) Act, 1978 was
registered.
7. Ganesh Suryavanshi was arrested. During investigation, it was
found that this applicant-Milan Garg created a platform HypeNext in
collusion with associates Subhash Sharma, Hemraj, Sukhdev Thakur and
Abhishek Sharma and also developed a deceptive platform. These platforms
were created in the years 2020 and 2023 and developed a new code and
provided password to various persons for investing amount in the HypeNext
and thereafter, Rs.14,24,23,92,000/- in which Rs.16,08,71,850/- was paid to
investors and Rs.43,30,20,150/- is unpaid of 21,956 investors. After that,
through the platform, a Global investment of Rs.504,66,63,870/- was
received. Some amount was paid but rest was unpaid. It is also alleged
that the applicant was appearing in the meeting as a special guest.
8. So far as the case the principle laid down by Hon'ble the Apex Court
in the case reported in 1975 AIR (SC) 149 (Mitthulal and another v. the State
of Madhya Pradesh) in paragraph no.4 of its judgment is concerned, the
same is not applicable in the present case for the reason that the criminal case
has to be decided on the basis of evidence available on record whereas it is
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the investigation in which the Police Authorities can exchange the documents
to ascertain the role of the accused.
9. Looking to the gravity of the offence and modus operandi of the
applicant, it is not a fit case in which the applicant can be enlarged on bail.
Hence, the bail application is dismissed.
(DEVNARAYAN MISHRA)
JUDGE
HK
