Bombay High Court Grants Bail to Accused in Multi-Crore Investment Fraud Case

In a major development in a high-profile financial fraud case, the Bombay High Court has granted regular bail to Majid Usman Attar, who was accused of cheating investors of several crores in a Pune-registered case under the Maharashtra Protection of Interest of Depositors (MPID) Act

Pune|February 12, 2026: Majid Usman Attar, arrested on April 23, 2024, had remained in judicial custody for over 18 months after earlier bail applications were rejected by the Pune Sessions Court. The case involves allegations that Attar, along with co-accused, solicited investments from multiple investors, misappropriated funds for personal gains, and used the money to purchase immovable property.

The defense, represented by Advocate Aashutosh Srivastava, argued that Attar was neither an owner nor a member of the financial establishments cited in the FIR. The defense highlighted that the evidence against him was largely documentary and already seized, and that the supplementary charge-sheet did not assign any independent incriminating role to Attar. Bank records included in the charge-sheet were cited to show that the disputed funds could not be traced solely to the complainants.

“The High Court, while granting regular bail, considered the stage of investigation and the documentary nature of the material on record. The order reflects a balanced application of bail principles while safeguarding justice,” said Advocate Srivastava regarding the court’s decision.

The Bombay High Court’s decision marks a critical moment in a case that has drawn attention due to the scale of alleged financial misconduct and the prolonged judicial custody of the accused. With the bail now granted, legal proceedings will continue, and the investigation into the alleged multi-crore misappropriation remains ongoing.

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