Authority: High Court of Judicature at Bombay, Criminal Appellate Jurisdiction

Order Date: 19 October 2026

Case Overview

  • Applicant: Prasad Prakashrao Kulkarni, Director of Infinite Bicon Private Limited.
  • Respondent: State of Maharashtra.
  • Criminal Reference (CR) No.: 118 of 2025, registered with Shivajinagar Police Station, Pune.
  • Application filed under Section 483 of the Bharatiya Nagarik Suraksha Sanhita, 2023 seeking bail.
  • Offences alleged under Sections 316(5), 318(4), 3(5), 111 and 61(2) of the Bharatiya Nyaya Sanhita, 2023; Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors Act, 1999; and Sections 21 and 23 of the Banning of Unregulated Deposit Schemes Act, 2019.
  • Complainant invested Rs.1,00,000 on 03‑10‑2023 and Rs.11,00,000 on 24‑11‑2023 via the Tradx Investment Private Limited app, later withdrawing Rs.11.98 (presumably lakh) exceeding his investment.
  • Subsequent investment of Rs.2.75 crore between 21‑02‑2024 and 30‑07‑2024 was made with expectation of high returns; withdrawal request was not honoured within the promised period.
  • Principal accused Navnath Avatade is absconding; six of ten accused remain at large.
  • Four accused have been arrested; among them, marketing agent Vinayak Marathe (instrumental in investor persuasion) was previously granted bail on 09‑09‑2026.
  • Prosecution alleges Kulkarni received Rs.3.66 crore.
  • Assets attached: two residential flats in Pune valued at Rs.1.5 lakhs and one‑third share in an agricultural plot in Pune valued at approximately Rs.1.38 crore.

Final Outcome

  • Bail is granted to Prasad Prakashrao Kulkarni subject to the following conditions:

1. Immediate release from prison in connection with CR No.118/2025.

2. Furnishing a personal bond of Rs.50,000 with one or two sureties of equal amount.

3. Monthly reporting to the Investigating Officer at the concerned police station on the first Monday of each month between 10:00 a.m. and 12:00 p.m. until trial commences, and attendance at all trial dates.

4. No unnecessary adjournments; breach may lead to bail cancellation.

5. No departure from India without prior trial court permission; passport to be deposited with the court within two weeks of release.

6. No influencing of witnesses or tampering with evidence.

7. Obligation to keep the Investigating Officer informed of current residential address and mobile number, and to promptly report any changes.

8. Any breach of the above conditions will result in cancellation of bail.

  • The court clarified that observations are limited to bail considerations and do not constitute a judgment on the merits; the trial will proceed based on evidence.

Topics: Legal Proceedings, Financial Fraud