Bombay High Court Grants Bail To Accused In Multi-Crore Financial Fraud Case

Mumbai: The Bombay High Court has granted regular bail to Majid Usman Attar, an accused in a multi-crore financial fraud case registered under cheating provisions of the IPC and the Maharashtra Protection of Interest of Depositors (MPID) Act. The court noted the documentary nature of the evidence and the prolonged custody of the accused.

Justice Shivkumar Dige recently allowed Attar’s bail application in a case registered with Kondhwa Police Station, observing that the allegations against him were limited and that the trial had not progressed despite his incarceration for over one year and nine months.

According to the prosecution, Attar and co-accused allegedly lured investors between March 5 and March 10, 2020, promising high returns and later misappropriated funds. The total alleged fraud amounts to Rs1.53 crore, of which Rs10 lakh was transferred to Attar’s bank account by a co-accused.

Arguing for bail, Advocate Aashuutosh Srivastava contended that Attar was neither an owner nor a member of the financial establishments named in the FIR and that the case rested entirely on documentary evidence already seized. He also pointed to bank records suggesting the funds could not be exclusively attributed to the complainant. Attar deposited Rs10 lakh to demonstrate bona fides.

The court recorded that there were “no allegations… indicating that he induced the First Informant and other investors to invest money,” adding that Attar’s involvement would require proof at trial.

Attar was granted bail on a Rs25,000 bond with sureties and conditions restraining witness tampering.

Published on: Wednesday, February 11, 2026, 11:52 PM IST