Bombay High Court Grants Bail to Accused in Rs 1.53 Crore Investment Fraud Case
Pune, 11th February 2026: The Bombay High Court has granted bail to Majid Usman Attar, an accused in a cheating and financial fraud case registered with the Kondhwa Police Station in Pune.
Justice Shivkumar Dige passed the order on January 30, 2026, observing that the accused had already spent substantial time behind bars and had shown bona fides by depositing the disputed amount allegedly received by him.
Background of the Case
The case (Crime No. 1266 of 2023) was registered under various sections of the Indian Penal Code, including cheating (Section 420), criminal breach of trust (Section 406), and forgery, along with provisions of the Maharashtra Protection of Interest of Depositors (MPID) Act.
According to the prosecution, the total amount involved in the fraud is approximately ₹1.53 crore. The police alleged that between March 5 and March 10, 2020, the accused persons lured the complainant and other investors with promises of handsome returns on their investments. However, the investors reportedly received neither the returns nor their principal amounts.
Arguments in Court
The specific allegation against Majid Attar was that he received ₹10 lakh in his bank account from a co-accused out of the fraud proceeds. Additional Public Prosecutor P.P. Jadhav opposed the bail, arguing that this money transfer established Attar’s involvement in the crime.
However, Advocate Aashuutosh Srivastava, appearing for the applicant, argued that Attar had been incarcerated for over one year and nine months with no significant progress in the trial. The defense emphasized that there were no allegations that Attar personally induced any investors to deposit money. Furthermore, to demonstrate good faith, Attar voluntarily deposited the ₹10 lakh amount in question.
The Court’s Observation
Justice Dige noted that while the total fraud amount was over ₹1.5 crore, the specific attribution to the applicant was limited to the receipt of ₹10 lakh.
“There are no allegations against the Applicant indicating that he induced the First Informant and other investors to invest money in the company,” the Court observed. Taking into account the duration of custody and the deposit of the disputed amount, the Court deemed it fit to grant relief.
Bail Conditions
The High Court ordered Attar’s release on the furnishing of a Personal Recognizance (PR) bond of ₹25,000 with one or two solvent sureties. The Court has imposed conditions directing the applicant not to tamper with evidence or influence prosecution witnesses and to attend the concerned police station as and when required.
