Anticipatory bail rejected in fraud case

Chhatrapati Sambhajinagar

A sessions court has rejected the anticipatory bail plea of a man accused of defrauding a retired teacher of Rs 10 lakh by promising high investment returns. Sessions Judge S.S. Gorawade dismissed the plea, reinforcing the seriousness of the case.

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What Happened?

According to the complaint filed by Hemant Ranganath Jagtap (73, resident of Naiknagar, Deolai area), his relative Anil Tangade informed him about Rahul Rajendra Kabra (Cidco N-4), who was allegedly running investment schemes linked to Zerodha, a stock exchange company, and other businesses. Tangade assured Jagtap that investing with Kabra would yield high returns. Tangade further claimed that 10-15 people had already invested, earning 2% to 6% returns on their investments. Tempted by the prospect, Jagtap invested Rs 10 lakh, initially receiving returns until July 2023, when payments suddenly stopped. The complaint also states that Kabra defrauded Jagtap’s son of Rs 20 lakh and allegedly scammed 10 to 20 other investors, bringing the total fraud amount to Rs 1-2 crore. Following this, a case was registered at the MIDC Cidco Police Station.

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Fraud involving multiple victims

To avoid arrest, Kabra filed an anticipatory bail plea. During the hearing, Assistant Public Prosecutor Raju Pahadiya argued that police needed to recover the defrauded amount and investigate where Kabra had invested the funds. He further informed the court that police inquiries revealed Kabra had similarly defrauded multiple individuals. Considering these arguments, the court denied Kabra’s bail plea, paving the way for further investigation.