Dismissed¶27

Gandhar Sanjay Ratnaparkhi v. State of Maharashtra and Ors.

Bombay HC17 Feb 2026WP/1478/2025

Case brief

AI extract

What is this about?

Transfer of investigation to specialized agency (CID/CBI/ED); Article 226 extraordinary jurisdiction; Sujatha Ravi Kiran v. State of Kerala (2016) 7 SCC 597 rare-and-exceptional standard; tainted/perfunctory investigation test; Ponzi scheme Rs.510 crores siphoned to Dubai; FIR amount Rs.20,00,00,000; cash investment Rs.1,50,00,000 with 2%-10.3% monthly interest; C.R. No.1232 of 2024 Vartak Nagar Police Station; Economic Offences Wing, Thane; passport deposit prayer; writ petition dismissed.

What did the court decide?

No case is made out for exercise of the Court's extraordinary jurisdiction under Article 226; FIR no.1232 of 2024 is still under investigation and its transfer to a specialized agency at this stage and on such allegations does not arise. ¶26

Gandhar Sanjay Ratnaparkhi vs State of Maharashtra… — Writ and Judicial Review | Bombay HC (2026)

What the court decided

AI extract

Outcome

Dismissed

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Issue for consideration

Whether the investigation in C.R. No.1232 of 2024 registered with Vartak Nagar Police Station ought to be transferred from the investigating officers (Economic Offences Wing, Thane) to a specialized agency such as CID, CBI or ED. +1 more

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Court's answer

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Ratio / Principle

There is no material on record, such as a cash receipt, to demonstrate the petitioner's alleged cash payment of Rs.1,50,00,000/- to respondent no.5.

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Key takeaways

Applying the Supreme Court's standard in Sujatha Ravi Kiran v. State of Kerala, no material on record indicates the investigation by the State police is tainted, perfunctory, or lacking in bona fides; the mere fact the petitioner has not received his cash amount does not warrant an inference that the investigation would be compromised, so the rare/exceptional-circumstances threshold for directing a CBI investigation is not met.ratio¶26
The prayers made in this writ petition cannot be granted.ratio¶26

Detailed headnote1 paragraphs

High Court of Judicature at Bombay (Shree Chandrashekhar, CJ. & Gautam A. Ankhad, J.) dismisses Writ Petition No.1478 of 2025 in which the petitioner sought transfer of investigation in C.R. No.1232 of 2024 (Vartak Nagar Police Station) from the Economic Offences Wing, Thane to CID/CBI/ED, a status report, deposition of respondent no.5's passport and an independent inquiry into his finances. Petitioner claimed to have invested Rs.1,50,00,000/- in cash with respondent no.5 and alleged siphoning of Rs.510 crores to Dubai through a Ponzi scheme, contending the FIR understated the fraud as Rs.20 crores. Holding: FIR no.1232 of 2024 is still under investigation and its transfer at this stage does not arise; no material such as a cash receipt demonstrates the alleged payment; nothing indicates the State police investigation is tainted, perfunctory or lacking bona fides, and non-receipt of the cash amount does not warrant an inference that the investigation would be compromised. Reliance: Sujatha Ravi Kiran v. State of Kerala ((2016) 7 SCC 597) — extraordinary constitutional-court power to direct CBI investigation is exercisable rarely, in exceptional circumstances. All prayers rejected; petition dismissed.

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPELLATE JURISDICTION

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Digitally signed by BALAJIGOVINDRAO BALAJIGOVINDRAOPANCHAL PANCHAL Date: 2026.03.05 11:16:29 +0530

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WRIT PETITION NO.1478 OF 2025

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Gandhar Sanjay Ratnaparkhi .. Petitioner Vs. State of Maharashtra & Ors. .. Respondents

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Ms. Harshada Shrikhande i/by Mr. Siddharth A. Mehta for Petitioner.

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Mrs. M.M. Deshmukh, I/c PP a/w Mr. K.V. Saste, Additional GP for StateRespondent No. 1.

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CORAM : SHREE CHANDRASHEKHAR, CJ. & GAUTAM A. ANKHAD, J. DATE : 18^th FEBRUARY 2026.

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P.C. :

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No one had appeared for the petitioner yesterday, that is, on 17^th February 2026. Today also no one appears for the petitioner.

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This writ petition is filed for following reliefs :

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“A. This Hon'ble High Court may be pleased to issue a writ, direction or order to direct the Respondent Nos. 1, 2, 3 and 4 to transfer the investigation in C.R. No.1232 of 2024 registered with Vartak Nagar Police Station to any specialized agency of the State that being Crime Investigation Department (CID), Central Bureau of Investigation (CBI), or the Enforcement Directorate (ED), etc. or other agency which the Hon'ble Court may deem fit and proper for ensuring proper, free, fair and impartial investigation in the C.R. No. 1232 of 2024 registered with Vartak Nagar Police Station;

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B. This Hon'ble Court be pleased to issue a writ, direction or order be pleased to issue a writ of mandamus and/or any other appropriate writ and/or order directing the Respondent No.1 and or the Respondent No. 2 and or the Respondent No. 3 and or the Respondent No.4 i.e. the Investigating Officer of the Economic Offences Wing, Thane to handover the files, papers, etc. in in C.R. No. 1232 of 2024 registered with Vartak Nagar Police Station to the specialized agency so appointed by this Hon'ble Court.

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C. This Hon'ble High Court may be pleased to order or direct the Respondent No. 5 to deposit his Passport pending investigation of the in C.R. No. 1232 of 2024 registered with Vartak Nagar Police Station

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with the specialized agency so appointed by the Hon'ble Court and the Respondent No.5 may not be allowed to leave the Country without prior permission of the Hon'ble Court;

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D. This Hon'ble Court be pleased to issue a writ, direction or order be pleased to issue a writ of mandamus and/or any other appropriate writ and/or order directing the Respondent No. 3 and the Respondent No. 4 i.e. Investigating Officer of the Economic Offences Wing, Thane to file a detailed status report in the C.R. No. 1232 of 2024 registered with Vartak Nagar Police Station giving details of the ongoing and completed investigation alongwith all the relevant documents, reports; findings, etc.

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E. This Hon'ble Court be pleased to issue a writ, direction or order be pleased to issue a writ of mandamus and/or any other appropriate writ and/or order directing an independent inquiry into the financial dealings and assets of the Respondent No.5, so as to ascertain his role in the said C.R. No. 1232 of 2024 registered with Vartak Nagar Police Station.

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F. That this Hon'ble Court be pleased to grant interim and ad-interim reliefs in terms of the prayer clause (C) and (D) above in this Petition.

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G. That this Hon'ble Court may be please to grant any other relief as the Hon'ble Court may deem fit in the fact and circumstances and in the interest of justice, equity and good conscience.”

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The petitioner states that he invested a sum of Rs. 1,50,00,000/- (Rupees One Crore Fifty Lakhs only) in cash with the respondent no.5, upon a promise that he would receive interest between 2% to 10.3% per month on his investments. After the initial receipt of interest, the respondent no.5 stopped making payments from July 2024. Despite follow-ups, neither the principal amount nor interest is paid to the petitioner. It is alleged that the erstwhile partners of the respondent no.5 have fraudulently siphoned off an amount of Rs.510 crores to Dubai through a Ponzi scheme, under the guise of digital investments. It is the petitioner’s contention that while the initial complaint disclosed a fraud of Rs.510 crores, the FIR registered at Vartak Nagar Police Station reflects the amount involved as merely Rs.20,00,00,000/- (Rupees Twenty Crores only), thereby suggesting a deliberate attempt to understate the gravity of the offences.

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We have examined the materials on record and find that no case is made out for exercise of extra ordinary jurisdiction under Article 226 of the Constitution of India. The petitioner alleges payment of Rs.1,50,00,000/- in cash to the respondent no.5. There is no material on record like a cash receipt etc. to demonstrate this payment. FIR no.1232 of 2024 is still under investigation and the question of transferring the same at this stage and on such allegations to a specialized agency does not arise. In “Sujatha Ravi Kiran v. State of Kerala”¹ , it is held by the Hon’ble Supreme Court that the extraordinary power of the constitutional courts in directing CBI to conduct investigation in a case must be exercised rarely and in exceptional circumstances, when there is lack of confidence in the investigating agency or in the national interest and for doing complete justice in the matter. In the present case, no material is placed on record to indicate that the investigation by the State police is tainted, perfunctory, or lacking in bona fides. The mere fact that the petitioner has not received his cash amount does not warrant an inference that the investigation would be compromised. The prayers made in this writ petition cannot be granted.

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