The Bombay High Court on Friday granted bail to former NCP MLC Anil Bhosale, 60, accused in the Rs 494-crore Shivajirao Bhosale Sahakari Bank fraud case. The court granted him bail upon furnishing a personal bond of Rs10 lakh, citing his prolonged incarceration and the unlikelihood of an early trial.
Justice Madhav Jamdar observed that Bhosale has already served three years and 10 months in prison, which exceeds half the maximum punishment of seven years he faces if convicted. The court noted, “Although the offence is very serious and laundering of public funds is involved, a substantial part of the money is either recovered or secured.”
Bhosale, as the chairman and promoter of the bank, allegedly misappropriated funds through multiple transactions, including cash withdrawals and cheque payments. According to the Directorate of Enforcement (ED), Bhosale and co-accused Suryaji Pandurang Jadhav conspired to manipulate bank accounts, including 432 non-performing asset (NPA) accounts with an outstanding principal of Rs 392 crore. The ED pegged the total proceeds of crime at Rs 147.30 crore.
The prosecution claimed that Bhosale withdrew over Rs23.89 crore in cash and misused cheques amounting to Rs5.82 crore for personal expenses. It also alleged that he facilitated money laundering through accounts opened in the names of associates and family members.
Bhosale’s counsel, Niranjan Mundargi, pointed out that the chargesheet in the case is voluminous, with 256 witnesses in one scheduled offence and 150 in the ED’s case. He argued that the trial is unlikely to conclude soon, as it has yet to commence.
The ED opposed the bail plea, stating that investigations were still ongoing and further supplementary chargesheets were likely. However, the court acknowledged the long delay in the trial’s commencement and granted bail under Section 436A of the Criminal Procedure Code, which allows for bail if an accused has served more than half the maximum sentence during pre-trial detention.
The court imposed stringent conditions, including restraining Bhosale from entering Pune district except to report to the investigating officer or attend trial. It also directed him to reside at a designated address in Mumbai, report to the ED office twice a month, and refrain from tampering with evidence or influencing witnesses.
“Considering the overall circumstances, the applicant is entitled to bail, but stringent conditions are necessary given the seriousness of the offence,” the court noted.
Bhosale approached the HC after his bail plea was rejected by the special court for cases involving MPs and MLAs.
