1. The present bail application has been filed by the applicant
under Section 439 of the Code of Criminal Procedure, 1973,
seeking his release on bail in connection with Special Case No. 428
of 2024. The said case arises from ECIR/MBZO-II/27/2023
registered with the Directorate of Enforcement, Mumbai Zonal
Unit-II, Mumbai. The applicant has been accused of committing
offences punishable under Section 45 of the Prevention of Money
Laundering Act, 2002 (“PMLA” for short).
2. The case of the prosecution, in brief, is that an FIR bearing
No. 892 of 2022 dated 13th December 2022 came to be lodged. In
BA-5054-2025.doc final.doc
that FIR, it is alleged that one Mr. Digambar Agawane, due to his
poor credit rating and low CIBIL score, was unable to obtain a loan
directly from any bank or financial institution. Therefore, he
devised a plan to use other individuals for obtaining loans through
companies in their names. For this purpose, he involved two young
persons, namely, Mr. Ranjit Dhumal and Mr. Pranay Matkar, who
were allegedly under his influence, and made them directors of a
company called M/s JD Chemical & Fertilizer Pvt. Ltd., which was
incorporated on 24th March 2021.
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