Nagpur: The Nagpur Bench of the Bombay High Court has taken a strict view in an alleged ₹1.14 crore investment fraud case, directing authorities to expedite the process of seizing ₹62 lakh deposited in court by businessman Rajesh Tarachand Bansod. The court emphasized that action under the Maharashtra Protection of Interest of Depositors (MPID) Act should be completed within a stipulated time to safeguard the interests of investors.
The order was passed by a division bench comprising Justice Urmila Joshi-Phalke and Justice Nivedita Mehta. The court directed the investigating officer to submit a proposal before the District Collector by July 23 for attachment of the amount, while instructing the state government to take a final decision within six weeks.
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July 20 ,2026 - Time 10.30Hrs
According to the case, Bansod allegedly operated Fortune Fisheries, Vision Fisheries, and Fortune Aqua, attracting investors with promises of high returns through a fish farming project based on cage culture technology.
Investigators allege that around ₹1.14 crore was collected from investors. However, neither the principal investment nor the promised returns were paid back, prompting several investors to approach the police.
The case was registered in 2021 at Sitabuldi Police Station following a complaint by investor Dhruv Raghubansh Kumar. Police booked Bansod under IPC Sections 406, 409, and 420, along with provisions of the Reserve Bank of India Act and the MPID Act.
During anticipatory bail proceedings, the Supreme Court directed Bansod to deposit ₹62 lakh before the Nagpur District and Sessions Court as a condition for relief. The amount was deposited in compliance with the court’s order dated February 24, 2025.
Claiming that the state had failed to initiate attachment proceedings despite the deposit, a group of investors approached the High Court seeking action under the MPID Act.
The High Court observed that the statutory provisions meant to protect investors had not been implemented promptly and directed authorities to ensure time-bound action. The order is expected to strengthen the legal process for providing relief to the affected investors.
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