Published On : Fri, Sep 24th, 2021

Multi-crore investment scam: Wasankar gets bail from SC

Nagpur: In the Rs 127 crore investment scam, the alleged mastermind Vinay Jaidev Wasankar was granted bail by the Supreme Court on Thursday. Wasankar has been in custody for the past over seven years on charges of economic offences involving allegations of duping about 800 persons.

The Nagpur Bench of Bombay High Court had rejected Wasankar’s applications for regular bail. The matter was called for hearing in the Supreme Court on Thursday. Justice S Abdul Nazeer and Justice Krishna Murari heard senior counsel Shekhar Naphade appearing for the petitioner Vinay Wasankar, and Adv Rahul Chitnis represented the respondent — State of Maharashtra.

During the hearing, the State opposed the grant of bail to the petitioner. After hearing, the Supreme Court granted bail to the petitioner and ordered his release subject to the conditions to be imposed by the trial court, the Judges said in their ruling while disposing of the special leave petition and pending application.

The Nagpur Bench of Bombay High Court had previously dismissed the applications of Vinay Wasankar for grant of regular bail. While dismissing Wasankar’s bail plea for the fourth time, Justice Vinay Joshi at the High Court had observed, “At this juncture, on account of mere delay in trial, the applicant-accused cannot be released on bail, particularly when he is charged with serious economic offences involving allegation of duping near about 800 persons to the tune of a huge sum of Rs 127 crores.” Then, the High Court had reminded that it had already made the trial time-bound by ordering the trial court to conclude the trial till September 3, 2021. Further, it had stated that in case the trial court was unable to conclude the trial till the fixed date, the applicant could revive his request for bail.

The applicant-accused has been charged with offences punishable under Sections 420, 406, 409, 506 read with Section 120-B of the IPC and Section 3 of the Maharashtra Protection of Interest of Depositors Act, 1999. Economic Offence Wing, Crime Branch, Nagpur, registered the offence on May 9, 2014.