Bail Granted for Alleged Investment Fraud Where Accused Lacks Criminal Antecedents and Chargesheet is Filed

The applicant, Ravishanker Gandharv, filed his first bail application following his arrest on November 28, 2025, in connection with Crime No. 489/2025.

The prosecution alleged that the applicant and his family members induced the complainant to invest Rs. 29,63,500/- in a fraudulent Maruti Suzuki investment scheme, promising doubled returns and bonuses.

While approximately Rs. 4,00,000/- was returned, the complainant alleged the accused later stopped payments and avoided contact.

The FIR was registered under Sections 318(4) (cheating) and 3(5) (common intention) of the Bhartiya Nyaya Sanhita (BNS), 2023.

The applicant contended he was falsely implicated and noted a three-year delay in filing the FIR.

1. Whether the applicant is entitled to the grant of regular bail under Section 483 of the Bhartiya Nagarik Suraksha Sanhita (BNSS), 2023, considering the nature of the allegations and his period of incarceration.

Section 483 of the Bhartiya Nagarik Suraksha Sanhita, 2023 (BNSS), which governs the power of the High Court to grant bail.

Sections 318(4) and 3(5) of the Bhartiya Nyaya Sanhita, 2023 (BNS), concerning cheating and acts done by several persons in furtherance of common intention.

Section 269 (non-attendance), Section 84 (proclamation for person absconding), Section 209 (failure to appear), and Section 351 (recording of statement) of the BNS/BNSS to impose bail conditions.

The Court balanced the gravity of the economic offence against the applicant's personal liberty and procedural status. It noted that the applicant has no prior criminal antecedents.

Although the State counsel initially claimed the charge-sheet had not been submitted, the Court verified that the charge-sheet had indeed been filed and taken on record.

The Court observed that the applicant had been in custody since November 28, 2025, and reasoned that since the trial is likely to consume considerable time, further pretrial detention was not warranted.

The court determined that the applicant's clean record and the completion of the investigation (filing of the charge-sheet) justified his release on bail subject to strict conditions to ensure his appearance.

The Court allowed the bail application and ordered the release of the applicant on a personal bond with two sureties, subject to specific conditions including mandatory presence for framing of charges and recording of statements.