Authority: Bombay High Court, Criminal Appellate Jurisdiction
Order Date: 12 October 2026
Case Overview
- Applicant: Ajit Tukaram Gaikwad, Director of the Pathsanstha (co‑operative credit society).
- Respondent: State of Maharashtra.
- Criminal Reference No. 107 of 2025 registered at Bhor Police Station.
- Charges: IPC Sections 420, 409, 408, 406, 467, 468, 471, 34 and Maharashtra Protection of Interest of Depositors Act (MPID) Sections 3 and 4.
- Allegations: Ten directors, the chairman and four managers allegedly issued fictitious loans totaling Rs 39 crore, misappropriating funds for personal benefit. Specific borrowers named Maruti Suresh and Yogesh Kindre.
- Applicant’s alleged role: Signature on loan documents claimed forged; not a beneficiary; retirement dues invested as fixed deposits in the Pathsanstha; no criminal antecedents; former driver for Maharashtra State Road Transport Corporation (1994‑2021).
- Prosecution note: One co‑accused director, Sandip Baban Newase, received a loan of Rs 3.26 crore and has already been released on bail.
Final Outcome
- Bail application allowed.
- Conditions imposed:
(i) Immediate release from prison.
(ii) Furnish personal bond of Rs 15,000 with one or two sureties of equal amount.
(iii) Report monthly to the investigating officer on the first Monday of each month between 10:00 a.m. and 12:00 p.m.
(iv) Cooperate with trial, attend all court dates, and avoid unnecessary adjournments; violation permits prosecution to seek revocation.
(v) No leaving the State of Maharashtra without prior permission of the trial court.
(vi) No influencing witnesses or tampering with evidence.
(vii) Keep the investigating officer informed of current address and mobile number, and any changes thereof.
(viii) Any breach of conditions will result in cancellation of bail.
- The court clarified that observations are limited to the bail order and do not address the merits of the case; the trial will proceed on the evidence presented.
Topics: Court Proceedings, Banking Fraud, Criminal Law