E-Paper
HC grants bail to businessman in ₹17.83 crore investment fraud case
The Bombay High Court on Tuesday, September 1, granted bail to businessman Swaminath Jadhav, arrested in a cheating, breach of trust and forgery case registered at MIDC Bhosari police station, observing that the prosecution had not prima facie established his involvement in inducing investors to deposit money with Shreyans Tours & Travels Limited in the alleged ₹17
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The Bombay High Court on Tuesday, September 1, granted bail to businessman Swaminath Jadhav, arrested in a cheating, breach of trust and forgery case registered at MIDC Bhosari police station, observing that the prosecution had not prima facie established his involvement in inducing investors to deposit money with Shreyans Tours & Travels Limited in the alleged ₹17.83 crore fraud.
Justice Milind N Jadhav allowed Jadhav’s bail application under Section 483 of the Bharatiya Nagarik Suraksha Sanhita (BNSS). Jadhav, accused number five in the FIR, faces charges under Sections 316(2), 318(4), 336(2), 336(3), 337, 338, 339, 340(2), read with Section 61(2) of the BNSS.
The court noted that Jadhav and his wife had jointly invested ₹2.72 crore in the company, while the prosecution alleged that he received ₹7.38 crore from investors and subsequently deposited the amount with the company of the principal accused.
“Reading of the statement of the prosecution appended prima facie shows that the applicant himself has been a victim of the investments made by the applicant and his wife as also the offence which has been registered,” Justice Jadhav observed.
Statements of 34 witnesses were recorded during the investigation. However, barring one witness, the prosecution had not attributed any specific role to Jadhav in inducing investors.
The court said the prosecution appeared to have relied on Jadhav’s own investment to allege that he influenced others.
“To the highest, the case of the prosecution is that because the applicant, being a businessman and a man of means having invested and deposited Rs. 2.72/- crores with the Shreyans Tours & Travels Limited according to prosecution, he induced and influenced other investors to invest in the said Shreyans Tours & Travels Limited,” Justice Jadhav said.
The court, however, said the allegation was not borne out by the record and noted that Jadhav had executed a contract with the company and an agreement relating to returns.
Jadhav had been in custody since September 10, 2025, and had participated in the investigation.
“The applicant has participated in the investigation and has made all disclosures. In that view of the matter, the applicant has made out a case for grant of bail,” the court held.
Advocates Aniket Nikam and Gagandeep Singh appeared for Jadhav.
