Pune Sessions Court Grants Bail to Accused in Rs 30 Crore Forex Fraud Case

Pune, 1st April 2025: The Pune Sessions Court has granted bail to Nilesh Wani, one of the accused in a high-profile forex fraud case. Wani, who was represented by his counsel, Advocate Aashuutosh Srivastava, was arrested in connection with an FIR filed by Wakad Police Station on 27th January 2022. The charges include sections 409, 420, 467, 468, 471 read with 34 of the Indian Penal Code, section 66D of the Information Technology Act, and relevant provisions of the Maharashtra Protection of Interest of Depositors (MPID) Act.

Wani was apprehended on 14th July 2023 at Ahmedabad airport after returning from Dubai to visit his family. Prior to his arrest, he had been declared absconding, and a look-out circular was issued against him by the trial court due to his absence from the country.

The prosecution argued that the case involved a serious offence, with more than ₹30 crore of investors’ money allegedly siphoned off by Infinox, a company involved in forex and share trading. The company had promised high returns to investors but allegedly duped them of their funds.

On the other hand, Advocate Srivastava, representing Wani, contended that his client was innocent and had been falsely implicated. He pointed out that the investigation had been completed, and both the chargesheet and supplementary chargesheet had been filed. According to Srivastava, all necessary evidence, including documents, laptops, mobile phones, and other materials, had been collected by the Economic Offences Wing (EOW) of the PCMC Commissionerate, and Wani was an under-trial prisoner. He further emphasized that Infinox is a registered company in the UAE, with licenses to engage in forex trading. Wani had also been employed in Dubai, where the company was based. Srivastava argued that, based on these facts and relevant Supreme Court case laws, the prima facie case against Wani was weak, and his continued custody was unnecessary.

Justice Waghmare of the Pune Sessions Court considered the peculiar facts and circumstances of the case and granted bail to Wani on 29th March 2025, subject to certain conditions.