Mumbai: A special CBI court in Mumbai has refused to grant bail to Vasai resident Sudhir Palande, booked in a cyber fraud case by the CBI. Palande is alleged to be part of a syndicate that used bank accounts of his company, M/s SP Cargo and Courier Services Pvt Ltd, as ‘mule accounts’ to facilitate cybercrimes, including digital arrest, phishing, and identity theft.
The CBI’s probe into the larger syndicate revealed that on July 2, Rs3.74 crore was credited to these accounts and subsequently diverted to other mule accounts. Palande sought bail, arguing that the investigation was complete and a chargesheet had been filed against him on September 2. He claimed innocence, stating he acted only as a commission agent without knowledge of the criminal conspiracy.
However, the prosecution opposed the plea, asserting that Palande had full knowledge of the crime, conspired with bank officials to open the corporate account, and travelled to Nagpur to hand over the bank kit and SIM cards to enable fraudulent transactions.
They described the case as a grave economic offence tied to a transnational cyber-crime syndicate, posing risks to the public and the nation’s economy. The prosecution highlighted the Rs3.74 crore involved in a single day’s transactions and noted that further investigation is ongoing. The court, after hearing arguments, ruled that filing a chargesheet does not guarantee bail in serious offences. It noted the ongoing investigation and the recent arrest of two additional accused.
On Palande’s role, the court pointed to his receipt of a Rs4.30 lakh commission in cryptocurrency, his presence in Nagpur, and preplanned activities, indicating active participation. “Releasing the applicant on bail at this stage would hamper the investigation,” the court said.
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