HC grants bail to two arrested for ‘duping 276 investors by promising foreign trips’

On February 27, Justice Makarand S Karnik passed an order in the bail applications filed by Kaushal Jagdish Dubey and Sushil Ramhinch Tiwari, argued through advocates Dinesh Tiwari and Hare Krishna Mishra, respectively.

The two were booked by Manikpur police station, Vasai, for offences including cheating, criminal intimidation, criminal breach of trust under IPC along with provisions of Negotiable Instruments Act and Maharashtra Protection of Interest of Depositors (in Financial Establishments) (MPID) Act, 1999.

The court noted that maximum punishment for the offence of cheating under IPC was seven years jail term and under MPID Act, the maximum sentence was six years of imprisonment. It noted that the applicants were arrested on December 21, 2020, and have been in custody for nearly two years and two months. It noted that the investigation is complete and a chargesheet has been filed by the police.

Justice Karnik said the applicants did not have criminal antecedents, they were not at flight risk and they would not avoid attending trial.

After the applicants said they had no objection to attachment of properties belonging to them by MPID court, the court asked them to give details of their possessions before the MPID court within four weeks and held that they can be released on bail.