Special Court grants bail to Bhagyashree Wasankar

Source: The Hitavada      Date: 02 Nov 2018 09:49:23


Staff Reporter,

The Special Court (MPID), on Thursday, granted bail to Bhagyashree Prashant Wasankar in cases registered with Ambazari police by aggrieved investors.

Earlier, Bhagyashree had moved the High Court seeking grant of bail in view of long pendency of case against her before the trial court and change in circumstances including filing of chargesheet, seizure and auction of properties and recovery of money from many individuals. With other 22 members of the Wasankar family and their staff, the applicant is being prosecuted for not paying back about Rs 198 crore to 750 depositors and investors, who have trusted them with their hard-earned money. This case is based on the complaints lodged with the Ambazari Police. Twelve accused persons are facing trial in a similar case in Amravati, involving not paying back about Rs 1.21 crore to the depositors in Amravati, who have complained to Frazerpura Police Station there.

The High Court had refused to grant any relief to Bhagyashree but extended relief by eight weeks. The term was coming to an end on November 9.  The prosecution vehemently opposed the application and urged the court to reject the bail application.  The applicant claimed that no useful purpose will be served by keeping her behind bars since essentially all documents are in possession of the prosecution, chargesheets have been filed and even properties have been seized and put to auction. Intervener-investors also opposed grant of bail.

The Special Judge D P Surana after hearing all sides, held that since chargesheet has already been filed, no useful purpose will be served by keeping applicant behind bars and granted conditional bail to her directing her not to tamper with evidence or leave the city without seeking leave of the court. Adv Deven Chauhan, Adv Chaitanya Barve appeared for the applicant. APP Kalpana Pande represented the prosecution.


Trial in Wasankar case yet to begin

Nagpur bench of Bombay High Court had already directed the Special (MPID) court to complete the trial against Prashant Wasankar and other directors of Wasankar Wealth Management within one year, after undertaking the process of framing of charges afresh. The High Court had directed the Special court to complete the trial before September 30, 2019 and hear the accused on the question of framing of charges. However, so far, the trial is yet to start due to various technical issues and massive workload on special court dealing with MPID cases.

According to Wasankar, the Special Court (MPID) had framed charges against them for the offences punishable under Sections 420, 406, 409 and 201 of the Indian Penal Code, Section 3 of the MPID Act, and Sections 58(B)(4-A) and 58(B)(5-A) of the Reserve Bank of India Act, 1934 and Section 24(1) and 27 of SEBI Act on April 12 and none of them and their advocates were present.

The Special Court is presently conducting the trial of Shreesurya. But looking at the volume of Wasankar case and other works entrusted to Special Court, the legal experts feel that it will be little difficult for the court to meet the deadline prescribed by High Court.