Authority: High Court of Judicature at Bombay (Criminal Appellate Jurisdiction)

Order Date: August 24, 2026

Case Overview

  • Parties: Applicants – Akshay Dinesh Suravkar, Chetan Ravindra Sawant, Vinod Mahadev Mhatre; Respondent – State of Maharashtra. The complainant/intervener is Deepak Mangaonkar, owner of F6 Capital & Finance Pvt. Ltd.
  • Nature of Proceedings: Group disposal of three separate bail applications (No. 4490 of 2025, No. 149 of 2026, No. 1026 of 2026) filed by the three accused employees of F6 Capital & Finance Pvt. Ltd.
  • Allegations: While employed by F6 Capital & Finance Pvt. Ltd., the accused allegedly created a parallel company named EXPNP Experty, diverted 82 clients to that entity, and lent money to them without a money‑lending licence. The alleged conduct caused a notional loss of Rs 16,40,003 to F6 Capital. The offence is said to have occurred between 19‑Dec‑2023 and 16‑May‑2024 (approximately six months).
  • Regulatory Context: F6 Capital & Finance Pvt. Ltd. is a registered NBFC holding a money‑lending licence issued by the RBI and registration under the Maharashtra Money‑Lending (Regulation) Act, 2014. The parallel firm operated without such a licence, constituting an offence under Section 39 of the Maharashtra Money‑Lending (Regulation) Act, 2014 (punishment up to five years imprisonment and/or fine up to Rs 50,000).
  • Custody Details: All three accused have been in custody since 17‑Apr‑2025 (Accused 1) and 29‑Apr‑2025 (Accused 2 & 4).

Final Outcome

  • The Court granted bail to all three accused on the following conditions:

1. Accused No.1 (Akshay Dinesh Suravkar) – released immediately; must furnish a personal bond of Rs 50,000 with an equal surety, and deposit the full loss amount of Rs 16,40,003 before the Trial Court within four weeks of release. An undertaking to file this deposit within one week of release is also required.

2. Accused No.2 (Chetan Ravindra Sawant) and Accused No.4 (Vinod Mahadev Mhatre) – released immediately; each must furnish a personal bond of Rs 30,000 with an equal surety.

3. All applicants must report monthly to the Investigating Officer at Khandeshwar Police Station on the first Monday of each month between 10:00 a.m. and 12:00 p.m. until trial commencement, and attend all trial dates unless exempted.

4. Applicants must not seek unnecessary adjournments; any breach allows the prosecution to seek bail cancellation.

5. Applicants must not leave the State of Maharashtra without prior permission of the Trial Court.

6. Applicants must not influence witnesses, tamper with evidence, and must keep the Investigating Officer informed of any change in residential address or mobile number.

7. Any violation of the above conditions will result in immediate cancellation of bail.

  • The pending interim applications (Nos. 501 and 1907 of 2026) are disposed of as a consequence of the bail orders.

Topics: Bail Grant, NBFC Fraud, Money‑Lending Regulation