Nisha Pathak vs The State Of Madhya Pradesh

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IN THE HIGH COURT OF MADHYA PRADESH

AT JABALPUR
BEFORE
HON'BLE SHRI JUSTICE AJAY KUMAR NIRANKARI
th
ON THE 13 OF JULY, 2026
MISC. CRIMINAL CASE No. 22658 of 2026
NISHA PATHAK
Versus
THE STATE OF MADHYA PRADESH
Appearance:
Shri Manish Dutt Senior Advocate appeared for the petitioner with
Shri Dheerendra Kumar Paroha, learned counsel for the applicant
Shri Sankalp Kochar - counsel for the objector
Shri Amit Pandey - Government Advocate for State
ORDER
This is first bail application filed by the applicant under Section
482 of the Bharatiya Nagarik Suraksha Sanhita, 2023 (for brevity
'BNSS') for grant of anticipatory bail relating to Crime No.404/2025
registered at Police Station Vishwavidyalaya, District Rewa for the
offences punishable under Sections 316(5), 318(4), 336(3), 338, 340(2)
of BNS and Section 61(2) and 66(C), 68(D) of IT Act.
2. According to the prosecution, on 13.11.2025, Shri Himanshu
Kalraiya, Chief Financial Officer of Shree Jee Infrastructure India
Private Limited, District Rewa, submitted a written complaint before
Police Station Vishwavidyalaya against Atul Pathak, Nisha Pathak,
Signature Not Verified
Signed by: SUSHMA
KUSHWAHA
Signing time: 15-07-2026
17:45:06

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Kashi Prasad Pathak, Mamta Pathak, Sagar Tiwari, and others, alleging

the commission of offences relating to criminal breach of trust,
embezzlement, forgery, fabrication of false documents, tampering with
computer resources, and criminal conspiracy, thereby causing financial
loss to the company. During the course of investigation, the Investigating
Agency obtained the bank account statements of Shree Jee Infrastructure
India Private Limited maintained with Indian Bank, Axis Bank, and
Punjab & Sindh Bank, including the company's account bearing No.
03321300001068. The statements of the following accounts were also
obtained:
Atul Pathak – Punjab & Sindh Bank A/c No. 3321000009384
Nisha Pathak – Punjab & Sindh Bank A/c No. 3321000014396
Kashi Prasad Pathak – Indian Bank A/c No. 50355794257
Mamta Pathak – Indian Bank A/c No. 50243883893
Sagar Tiwari – Axis Bank A/c No. 921010044033883
3. The investigation allegedly revealed that, during the period
from April 2018 to August 2025, Atul Pathak transferred an aggregate
amount of approximately Rs.3,76,41,321/- from the company's account
into the separate bank accounts of his relatives. It is further alleged that
the applicants utilized the said amounts for their own benefit. The
prosecution further alleges that Atul Pathak, by forging the signatures of
the company's Director, Sanjay Singh, procured the issuance of an
additional cheque book in respect of the company's bank account.
Signature Not Verified
Signed by: SUSHMA
KUSHWAHA
Signing time: 15-07-2026
17:45:06

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Thereafter, using the said cheque book and again forging the signatures

of Director Sanjay Singh, he allegedly issued cheques in favour of
himself and his relatives, thereby transferring company funds into their
respective bank accounts and obtaining wrongful gain. It is also the
prosecution's case that Atul Pathak, by using forged signatures of the
Director, fraudulently linked his own mobile number with the company's
banking facilities and carried out unauthorized banking transactions,
thereby causing wrongful financial loss to the company. On the basis of
the aforesaid complaint, Crime No. 585/2026 was registered against the
applicant and the co-accused for offences punishable under Sections
316(5), 318(4), 336(3), 338, and 340(2) of the Bharatiya Nyaya Sanhita,
2023, and Sections 61(2), 66(C), and 68(D) of the Information
Technology Act.
4. Counsel for the applicant submitted that the amounts credited
to the Applicant's bank account were transferred by the Directors of
Shreeji Infrastructure India Private Limited by designating the Applicant
as a "sub-contractor" for the specific purpose of evading GST. It is
submitted that the said amounts were subsequently withdrawn in cash
and handed over to the persons concerned. The details regarding the
ultimate recipients of the cash are within the knowledge of the Company
and the principal accused. It is further submitted that the audit report
reflects a deficiency of Rs.32,89,472/-, which is also recorded in the
Company's ERP system. However, according to the Applicant, the said
Signature Not Verified
Signed by: SUSHMA
KUSHWAHA
Signing time: 15-07-2026
17:45:06

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amount was never actually disbursed. It is further contended that the

complainant Company itself created fictitious contractors in the names
of Tapas Gautam, Nishant Dwivedi and Pankaj Tiwari, and caused
amounts of Rs.17,91,667/-, Rs.11,70,600/- and Rs.3,23,443/-,
respectively, to be transferred into the Applicant's account. It is
submitted that paragraph 7.2 of the audit report, on the basis of which
the FIR has been registered, itself records payments which were
allegedly never made. It is further submitted that the Special Purpose
Examination Report records defaulted amounts of Rs.42,40,201/- and
Rs.25,33,347/-. It is further submitted that the conduct of the Directors of
the complainant Company is itself under suspicion, as Director
Gyanendra Singh and certain other Directors have also been implicated
in another case relating to financial embezzlement registered by the
Central Bureau of Investigation. It is submitted that co-accused Kashi
Prasad Pathak, against whom the charge-sheet has also been filed, has
already been granted regular bail by this Hon'ble Court vide order dated
16.04.2026 passed in M.Cr.C. No. 12431/2026. According to the
Applicant, her case stands on the same footing and she is, therefore,
entitled to the benefit of parity. The Applicant has also filed a copy of
the cash book relating to the Vrindavan Project which reflects that a cash
deposit of 30,00,000/- was made by Atul Pathak on 15.06.2022. It is
₹
submitted that the said amount was thereafter transferred to the
Applicant's account, subsequently withdrawn in cash, and deposited
Signature Not Verified
Signed by: SUSHMA
KUSHWAHA
Signing time: 15-07-2026
17:45:06

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back into the cash book of Shreeji Infrastructure India Private Limited

by Atul Pathak. According to the Applicant, this routing of funds was
adopted solely for the purpose of tax planning by the Company, and the
Applicant merely acted at the instructions of the Company officials. The
Applicant has also placed on record ledger entries of similar transactions
involving other petty contractors, together with extracts of the
Company's register recording cash receipts and cash expenditures. It is
further submitted that the present FIRs were lodged only after the
principal accused, Atul Kumar Pathak, joined another company. The
Applicant submits that she is the mother of two minor daughters aged
about eight years and three-and-a-half years. It is also submitted that,
prior to registration of the FIR, the principal accused, Atul Kumar
Pathak, had submitted a representation to the Superintendent of Police,
Katni. The Applicant has no previous criminal antecedents. It is further
submitted that the offences alleged against her are not punishable with
death or imprisonment for life.The Applicant is innocent and has been
falsely implicated in the present case. The allegations are based on an
incorrect and fabricated version of facts, and the Applicant has not
committed any offence. The Applicant has no criminal history and is not
a habitual offender. The complainant Company itself adopted the
practice of depicting various persons as petty contractors, routing funds
through their bank accounts and thereafter withdrawing the amounts in
cash. According to the Applicant, she was merely one of the persons
Signature Not Verified
Signed by: SUSHMA
KUSHWAHA
Signing time: 15-07-2026
17:45:06

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whose account was used for such transactions and did not independently

benefit from the funds. The investigation has been completed and the
charge-sheet has already been filed. The Applicant is in judicial custody,
the trial is likely to take considerable time, and therefore she deserves to
be enlarged on bail. The amounts credited to the Applicant's account
were transferred by the Company after designating her as a "sub-
contractor", and the same were subsequently withdrawn in cash in
accordance with the directions of the persons managing the affairs of the
Company.
5. Per contra, counsel for objector as well State have submitted
that present application deserves to be dismissed as the applicant has
remained absconding since the registration of the crime and has
deliberately avoided joining the investigation. Owing to her continuous
evasion and non-cooperation, the Office of the Superintendent of Police,
District Rewa, has declared a reward for her apprehension. It is well
settled that the extraordinary discretionary relief of anticipatory bail is
ordinarily not available to an accused who is absconding and evading the
process of law. The applicant cannot claim parity with co-accused Kashi
Prasad Pathak. The said co-accused was granted regular bail under
Section 483 of the BNSS vide order dated 16.04.2026 passed in M.Cr.C.
No. 12431/2026 after remaining in judicial custody since 30.11.2025.
The considerations governing the grant of regular bail after arrest are
entirely different from those applicable to anticipatory bail. The
Signature Not Verified
Signed by: SUSHMA
KUSHWAHA
Signing time: 15-07-2026
17:45:06

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Applicant, who has deliberately avoided arrest, cannot claim parity with

an accused who submitted to the jurisdiction of the Court. The present
case pertains to a large-scale economic offence involving criminal
conspiracy, forgery, cheating and embezzlement, whereby an amount of
approximately Rs.7,11,45,007/- is alleged to have been misappropriated
from the complainant company. The investigation has revealed that
substantial portions of the embezzled funds were systematically diverted
from the company's bank accounts into the Applicant's Punjab & Sind
Bank Account No. 3321000014396, as well as into the accounts of other
co-accused persons. The investigation has further disclosed that the
Applicant, who is the wife of the principal accused, Atul Pathak, was one
of the beneficiaries of the diverted funds. Bank records collected during
the investigation indicate that, during the relevant period, an aggregate
amount of Rs.3,81,19,058/- was credited into her bank accounts, out of
which Rs.3,80,67,750/- was subsequently withdrawn. The investigation
further reveals that specific amounts of Rs.36,59,835/- and
Rs.25,33,347/- were transferred into the Applicant's separate bank
accounts without any apparent legitimate commercial basis. These
transactions are under investigation as part of the alleged diversion and
laundering of the proceeds of crime. The Applicant's plea that she was
merely a passive family member is not borne out by the material
collected during investigation. The banking transactions attributed to the
Applicant disclose extensive financial dealings involving substantial
Signature Not Verified
Signed by: SUSHMA
KUSHWAHA
Signing time: 15-07-2026
17:45:06

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amounts. The investigation further indicates that part of the funds

received in her accounts was utilized for creation of Fixed Deposits in
her name. It has also been revealed that the diverted funds received by
the Applicant and other co-accused persons were allegedly invested in
acquisition of immovable properties during the period in which the
alleged offences were committed. The Forensic/Special Purpose
Examination Report, forming part of the charge-sheet, constitutes
material scientific evidence supporting the prosecution case. The report
traces the diversion of company funds into the accounts of the accused
persons and indicates that no genuine commercial transactions were
found to justify the credits received in the Applicant's accounts. The
report further records the amounts attributable to each accused, namely:
Mamta Pathak (Mother) – Rs.37,17,315/- (Net Difference:
Rs18,18,000/-)
Nisha Pathak (Wife) – Rs.36,59,835/- (Entire amount retained)
Kashi Prasad Pathak (Father) – Rs.30,62,884/- (Net
Difference:Rs.11,11,000/-)
Sagar Tiwari (Maternal Cousin) – Rs.19,19,000/-
6. Both the FIR and the Special Purpose Examination Report
prima facie disclose the necessity of custodial interrogation for tracing
the complete money trail, identifying the ultimate beneficiaries of the
diverted funds, recovering the proceeds of crime, and confronting the
Applicant with the documentary and electronic evidence collected during
Signature Not Verified
Signed by: SUSHMA
KUSHWAHA
Signing time: 15-07-2026
17:45:06

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investigation. Grant of anticipatory bail at this stage is likely to impede

the investigation. The grounds urged by the Applicant seeking
sympathetic consideration do not outweigh the seriousness of the
allegations. The present case involves allegations of organized financial
fraud, forgery, criminal conspiracy and diversion of corporate funds
running into several crores of rupees. The material collected during
investigation prima facie indicates that the Applicant was a beneficiary
of substantial transfers and that the amounts credited to her account
remained under her control. In these circumstances, no exceptional
ground exists for extending the extraordinary discretionary relief of
anticipatory bail. The other grounds raised by the Applicant, including
reference to a separate CBI FIR against certain company directors, are
wholly unrelated to the allegations in the present case. Likewise, the
representation submitted by co-accused Atul Pathak and his employment
with Dee Vee Projects have no bearing on the allegations concerning
diversion of company funds and forgery during the period under
investigation. The custodial interrogation of the Applicant is necessary
for tracing the flow of funds received in her bank account, confronting
her with the documentary evidence collected during investigation,
including the registered sale deeds, identifying additional assets acquired
from the alleged proceeds of crime, and preventing dissipation or
alienation of such assets during the pendency of the investigation. In
view of the said facts and circumstances, it is respectfully prayed that the
Signature Not Verified
Signed by: SUSHMA
KUSHWAHA
Signing time: 15-07-2026
17:45:06

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present application for anticipatory bail be dismissed in the interest of

justice.
7. I have heard counsel for parties at length and perused the
record.
8. A perusal of the case diary clearly reveals that an amount of
Rs.36,59,836/-, alleged to be part of the embezzled funds, was credited
to the Applicant's bank account, thereby disclosing her active
involvement in the commission of the alleged offence. The material
available on record further indicates that forged documents were
prepared and used as genuine for the purpose of carrying out
unauthorized and illegal transactions, resulting in the alleged
embezzlement/misappropriation of more than Rs.7 crores from the
complainant company. The record also prima facie indicates that the
Applicant, in conspiracy with other accused persons, participated in a
well-planned scheme involving fraudulent transactions, whereby several
lakhs of rupees were dishonestly diverted through acts of cheating and
forgery.
9. Considering the overall facts and circumstances of the case,
the nature and gravity of the allegations, the material collected during the
course of investigation, and the Applicant's alleged role in the
commission of the offence, this Court is not inclined to extend the
extraordinary discretionary relief of anticipatory bail to the Applicant at
this stage.
Signature Not Verified
Signed by: SUSHMA
KUSHWAHA
Signing time: 15-07-2026
17:45:06

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10. Accordingly, the present application for anticipatory bail

stands dismissed.
(AJAY KUMAR NIRANKARI)
JUDGE
S /-

Signature Not Verified
Signed by: SUSHMA
KUSHWAHA
Signing time: 15-07-2026
17:45:06