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Applicant/Accused No.2, namely Jayant Sanjeeva Shetty, under
Section 439 of the Code of Criminal Procedure, 1973, seeking the
grant of regular bail. The matter arises out of C.R. No. 2 of 2020
registered with the Economic Offences Wing, Mumbai, which was
initially registered as C.R. No. 5 of 2020 with Malad Police Station.
The offences alleged against the present Applicant are punishable
under Sections 406, 409, and 420 read with Section 120-B of the
Indian Penal Code, 1860 (hereinafter “IPC”) as also under Sections
3 and 4 of the Maharashtra Protection of Interest of Depositors (in
Financial Establishments) Act, 1999 (hereinafter “MPID Act”).
2. The prosecution case, in brief, is that agents of M/s. Shree
Ramanjaneya Leasing and Finance Pvt. Ltd. (hereinafter “the said
Company”) were operating in the area where the complainant
resides. Through these agents, popularly referred to as “pigmy
agents,” the complainant came to know, in the year 2012, about
the activities of the said Company.
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