Authority: High Court of Bombay at Goa

Order Date: 11 September 2026

Case Overview

  • Parties: Applicant Ramesh Joshi (in judicial custody at Central Jail Colvale) vs State of Goa, Public Prosecutor and others.
  • FIR No.3/2024 registered on 30 Oct 2024 at EOC Police Station, North Goa alleging offences under IPC sections 406, 409, 420, 120B, Goa Protection of Interests of Depositors (Financial Establishments) Act, Prize Chit and Money Circulation Schemes (Banning) Act, and Banning of Unregulated Deposits Schemes Act, 2019.
  • Alleged scheme: Managing Directors, Directors and agents of M/s. R. J. Papillon Nidhi Limited induced investors to invest in fixed and recurring deposit schemes promising exponential returns, misappropriated approx Rs 2,37,96,622, invested in sister concern R. J. Papillon Multitrade Private Limited, failed to repay, and fled.
  • Investigation initiated based on complaint by Police Inspector Ramesh N. Shirodker; applicant arrested on 27 Jan 2026; charge‑sheet filed on 24 Mar 2026 in Sessions Case No.11/2026; bail previously denied by Sessions Court on 8 July 2026.
  • Applicant cooperated, refunded Rs 14,53,843 after arrest, and has no other criminal antecedents except a similar case (Crime No.2321/2024) at Mumbra Police Station.

Final Outcome

  • The Court allowed the bail application subject to a PR bond of Rs 1,00,000 with one or two local sureties and the following conditions:
  • (i) Release on bail for offences listed above upon execution of the bond.
  • (ii) Attend the trial court on every date fixed unless exempted.
  • (iii) Attend the police station as required by written notice.
  • (iv) Surrender passport to the police station if possessed.
  • (v) Not leave India without permission of the trial court.
  • (vi) Not tamper with, influence, or contact complainant, witnesses, or any person concerned with the case.
  • (vii) Inform the court and investigating officer of latest residence and contact details immediately after release and of any changes thereafter.
  • (viii) Cooperate with the conduct of trial.
  • (ix) Any infraction of the above conditions will result in cancellation of bail.

Topics: Bail, Financial Fraud, Deposit Schemes