Authority: High Court of Judicature at Bombay, Criminal Appellate Jurisdiction
Order Date: 07 October 2026
Case Overview
- Applicant: Ranjana Deepak Nikam, Manager of Path Sanstha (a non‑banking financial institution).
- Respondent: State of Maharashtra.
- Offences: IPC Sections 406, 409, 420, 465, 467, 468, 471, 120B read with Section 34; Maharashtra Protection of Interest of Depositors Act Sections 3 and 4.
- Crime No. 280 of 2022 registered at Kothrud Police Station; arrest on 02 September 2026.
- Path Sanstha alleged to have misappropriated Rs 9,74,40,169 from 6,302 investors; internal letter shows director admitted personal use of funds.
- Applicant’s salary Rs 17,000 per month; charge‑sheet contains no allegation of her receiving any deposited amount.
Final Outcome
- Bail granted subject to conditions:
1. Immediate release on furnishing a personal bond of Rs 10,000 with one or two sureties of equal amount.
2. Report to the investigating officer on the first Monday of each month between 10:00 a.m. and 12:00 p.m.
3. Cooperate with trial, attend all court dates, and avoid unnecessary adjournments.
4. No travel outside Maharashtra without prior trial court permission.
5. No influence on witnesses or tampering with evidence.
6. Keep the investigating officer informed of current address and mobile number.
7. Violation of any condition will lead to cancellation of bail.
- The observations are limited to bail; merits of the case will be decided on evidence at trial.
Topics: Bail, Depositor Protection, NBFC Fraud