Summary: Pranay Atul Mehta's request for early bail was denied by the Bombay High Court on January 30, 2026. Mehta is accused of being involved in a financial scam with Ashtavinayak Investment Company, leading to a significant financial fraud in Pune.
Pranay Atul Mehta applied for early bail, which is when someone asks to avoid being arrested before the trial. This request was related to a case registered with Bundgarden Police Station, Pune. The charges against him include cheating and criminal breach of trust, along with working together with others to commit these crimes. He is also charged under a law that protects people who invest money in Maharashtra.
The authorities claim that Mehta was a manager at Ashtavinayak Investment Company from February 2018 to October 2019. During this time, he allegedly attracted investors by promising high returns and helped arrange illegal personal loans from various banks, which were invested in the company. The loans were reportedly approved under false claims and were not repaid, resulting in a big financial fraud.
Investigations showed that Mehta had received about Rs. 8.33 crore from 17 people. This money was transferred to his personal account and then to various entities related to the main accused, Selvakumar Nadar. The court noted that five vehicles, including luxury cars, were transferred to Mehta by the Nadars as partial repayment.
“The investigation shows that the accused is involved in a very serious crime,” stated Judge Madhav J. Jamdar.
Judge Madhav J. Jamdar denied the bail, stressing the seriousness of the crime and the need for questioning Mehta while he is in custody. The court noted that although a charge-sheet was filed against other accused, Mehta was on the run, making his questioning while in custody crucial for the ongoing investigation.
The court considered several factors, including the seriousness of the crime, the possibility of Mehta running away, and the chance of him influencing witnesses. The Supreme Court's view that early bail is a rare remedy was also considered, highlighting that it should not be given easily.
The request for early bail was dismissed, highlighting the need for a thorough investigation and accountability in financial fraud cases. The court's decision emphasizes the seriousness of the accusations and the importance of following proper legal procedures in such significant financial crimes.
