Nagpur: In a significant development underscoring judicial vigilance in matters involving public financial interest, the Nagpur Bench of the Bombay High Court comprising Justice Anil L. Pansare and Justice Raj D. Wakode on December 8, 2025 recorded that the Hudkeshwar Police had finally invoked the stringent provisions of the Maharashtra Protection of Interest of Depositors (MPID) Act, nearly 16 months after they were directed to do so in Criminal Writ Petition No. 290/2022.
This corrective action came only after a strong contempt petition was filed by the complainant, Sagar Chintkutlawar, through Advocate Laxmikant I. Jaiswal, exposing the police department’s prolonged non-compliance and compelling statutory action in a matter involving serious financial fraud. The State informed the Bench that although the MPID Act was to be invoked within three months of the earlier order dated 13.08.2024, the police failed to act due to “difference of opinion” among senior officers and delays in obtaining documents from the Registrar’s office.
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10 dec 2025
The High Court questioned why its clear directives had not been followed in the stipulated timeframe. Ultimately, the High Court noted that, owing to subsequent compliance, the petitioner was satisfied. The Court therefore disposed of the contempt petition while explicitly recording that the purpose of the petition had been achieved.
Police Inspector’s unconditional apology becomes the turning point:
The proceedings took a decisive turn when the Police Inspector of Hudkeshwar Police Station filed a detailed affidavit tendering an unconditional, folded-hands apology before the High Court. In his affidavit, the officer declared his “high regards for the judiciary,” admitted administrative lapses, clarified that the delay was unintentional, and assured the Court that the investigation under the MPID Act would henceforth proceed with strict diligence and investor protection as priority.
Key facts highlighted in proceedings
• MPID Act was invoked more than a year late, despite clear High Court direction.
• The delay stemmed from internal disagreements and administrative inefficiencies.
• The contempt petition filed by the petitioner was instrumental in compelling longdelayed action.
• The Police Inspector tendered an unequivocal, unconditional apology acknowledging lapses.
• The High Court refrained from punitive action only after compliance and apology.
• The Court expressly recorded that “the purpose of filing the petition has been served” and determined not to proceed on willful disobedience.
A case with serious public implications
The matter pertains to alleged large-scale financial fraud involving collection of deposits from the public through schemes promising high returns by accused Nilesh Tale, Director of Mandas Next Financial Services. The MPID Act is designed to safeguard depositors and ensure prompt action against fraudulent financial establishments.
The prolonged failure to invoke MPID provisions could have significantly impaired investor recovery. It was the High Court’s intervention—and the persistent legal efforts led by Advocate Laxmikant I. Jaiswal, that finally restored momentum to the investigation.
Speaking on behalf of the petitioner, Advocate Laxmikant I. Jaiswal stated: “This order reaffirms the importance of judicial oversight in ensuring accountability of investigating agencies, especially in matters affecting public investors. The High Court’s timely intervention compelled invocation of the MPID Act — a step that should have been taken long ago. The unconditional apology tendered by the Police Inspector clearly reflects the seriousness of the lapse. Continuous monitoring and structured action are essential to secure justice for affected investors.”
Advocate Jaiswal effective representation and persistence were pivotal in bringing the matter back on the statutory track, ensuring that protections under the MPID Act are no longer denied to the victims.
