The Pune Sessions Court has granted bail to Nilesh Wani, an accused in a forex fraud case, represented by advocate Aashuutosh Srivastava. Wani was named in an FIR registered by the Wakad Police Station on January 27, 2022, under sections 409, 420, 467, 468, and 471 read with section 34 of the Indian Penal Code, as well as section 66D of the Information Technology Act and relevant provisions of the Maharashtra Protection of Interest of Depositors (MPID) Act.
Wani was arrested on July 14, 2023, at Ahmedabad airport upon his return from Dubai, where he had been residing. The trial court had previously declared him absconding and issued a lookout circular against him, as he was outside the country.
The prosecution argued that the case involved a serious financial fraud of over ₹30 crore, allegedly collected from investors by Infinox Company under the pretence of forex and share trading with promises of high returns. The investors were reportedly deceived and lost their money.
However, advocate Srivastava contended that Wani was falsely implicated and that the investigation had already been completed. He pointed out that the charge sheet and supplementary charge sheet had been filed, and all relevant evidence, including documents, laptops and mobile phones, had been collected by the Economic Offences Wing (EOW), PCMC Commissionerate. He emphasised that Infinox is a registered company in the UAE, legally authorised to conduct forex trading, and that Wani was merely an employee posted in Dubai. Srivastava further argued that Wani’s continued custody was unnecessary, citing various Supreme Court judgments in similar cases.
Considering the unique circumstances of the case, Justice Waghmare of the Pune Sessions Court granted bail to Wani on March 29, 2025, imposing certain conditions.
