Mumbai: The special court under the Maharashtra Protection of Interest of Depositors (MPID) Act has held the arrest of a 48year-old man, booked for cheating 52 depositors to the tune of Rs11.35 crore, as illegal and granted him bail. The court noted that the man was arrested on May 18 at 10am from his parking lot, whereas the case was lodged at 10.30am. Besides, he was shown as arrested only at 5.30pm.
Chembur Man Accused of ₹40 Lakh Investment Fraud
As per the prosecution case, Pravin Jogindar Pal Obhan, a resident of Chembur, had formed a company named M/s Access Fin Services and launched various investment schemes offering depositors lucrative benefits on investments. The complainant had invested Rs40 lakh in a scheme called ‘World Cup Special Monthly’ in July 2024. He claimed that Obhan assured Rs8 lakh return benefit from the fourth month for 12 months, with return of principal amount after 15 months.
While he received Rs1 lakh return benefit for the first three months and Rs5 lakh in the fourth month, no returns came by thereon. The case was lodged with Malvani police station on May 18.
The defence advocate pointed out that the time of arrest was not mentioned in the arrest panchanama. Besides, grounds for arrest were not provided to Obhan prior to his arrest; they were given only in custody. Moreover, his relatives were not informed of his arrest; only his father’s signature was obtained on the written intimation, the defence claimed.
Prosecution Cites ₹11.35 Crore Fraud, 52 Victims Identified
The prosecution however, objected to the plea, claiming that Obhan had “fraudulent intention” while accepting the deposits. As per material attached to the chargesheet, 52 depositors approached the investigating officer (IO), with the fraud amount totalling to Rs11.35 crore. Named of 681 depositors are included in the electronic device and have been revealed in the documents seized from Obhan’s office and residence.
However, the court said, “Even though the prosecution has vehemently argued that there are a number of depositors and the fraud amount is huge, after perusing records relating to the arrest, said submission on facts need not be considered.”
Court Flags Lapse in Police Procedure During Search
The court noted, “Neither the authorisation from a superior officer seems to have been obtained by the officer in-charge of the police station, nor is there any station diary entry regarding recording of things for which assistant police inspector Nilesh Pol visited the house of the applicant to search and detain him, is placed on record.”
The court further noted that “no plausible explanation is given by the prosecution for delay in arrest despite the applicant being apprehended at 10am”. The court further noted that Obhan was produced before the court on May 19 at 3pm, which is beyond 24 hours of arrest.
The court said, “The officer in-charge cannot search and detain a person without authorisation of the superior officer. If he has to delegate the power to his subordinate officer, he has to record in writing the reason for which the search is to be made.
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