Mumbai: Special MPID Court Grants Bail To Man Accused In Alleged ₹6.71 Crore Investment Fraud Case

Mumbai, July 9, 2026: The Special MPID Court has granted bail to Siddharth Poladia, a resident of Borivali, who was booked for allegedly cheating several investors of Rs 6.71 crore between April 2021 and May 2025.

The court observed that there was no material to show he had a dishonest intention from the outset and noted that the trial in the case may take a long time to commence.

Siddharth and his wife, Tejal, are directors of M/s Plabita International Pvt Ltd. It is alleged that the two induced depositors to invest Rs 6.71 crore in the company's business by assuring them of handsome returns between April 2021 and May 2025.

The investors claimed that the company initially paid returns but later defaulted, following which a case was registered against the company. Siddharth was arrested in the case on April 4.

Defence Arguments

While seeking bail for Siddharth, his lawyer, Mangesh Arote, contended that the company is not a financial establishment. He argued that no pamphlets or advertisements inviting investments were published. All the investors are residents of the same building in which the applicant also resides, and all the investors are related to one another.

Arote further argued that the informant approached the police only after not receiving returns from August 2025, following which the case was registered.

He submitted that only Rs 55 lakh was received through bank transactions, while the remaining amount was allegedly paid in cash, which is also disputed. He further argued that the investors had not disclosed the source of their investment.

The prosecutor opposed the bail application, contending that out of the total investment of Rs 6.71 crore, Siddharth had returned only Rs 1.22 crore to the investors. The balance amount of Rs 5.48 crore had not been returned, and therefore, the applicant had cheated the investors.

Court Grants Bail

The court, however, granted bail, noting that the investors had started receiving returns from May 2021 and continued to receive them till August 2025.

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“Thus, there was no dispute about the return benefit received by the investors from the applicant for a period of four years. Considering this period, it cannot be said that the applicant had dishonest or fraudulent intentions since inception. It also cannot be said that the applicant had given return benefits only for the initial period to gain the belief of the investors,” the court observed while granting bail.

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