Rakesh Bhabhutmal Jain Vs State of Chhattisgarh (Chhattisgarh High Court)
The Chhattisgarh High Court considered the first bail application filed under Section 483 of the Bhartiya Nagarik Suraksha Sanhita, 2023 seeking regular bail for Rakesh Bhabhutmal Jain, arrested in Crime No.346/2023 registered at Police Station City Kotwali, District Raipur (C.G.), for offences under Sections 420, 467, 468 and 471 of the IPC.
According to the prosecution, the applicant, while acting as a tax consultant for the complainant Sachindra, allegedly misappropriated entrusted KYC documents, including an Aadhar card, PAN card and digital signature, and used them to fraudulently register entities including “Somvati Trading Agency Private Company” and “Artech Solution” without the complainant’s knowledge. The prosecution alleged that the entities and forged credentials were then used to obtain unauthorised loans from Tata Capital, ICICI Bank, ECL Finance and Dhani Loans, involving an alleged financial fraud of Rs.45,88,416/-. It was also alleged that the complainant’s wife’s signature was forged and a stranger’s photograph was used for guarantor documentation.
The applicant’s counsel argued that the applicant was innocent and falsely implicated. The defence relied, among other things, on financial transactions between P.M. Construction and Artech Solutions and submitted that the complainant was aware of the entities. It was also argued that registration of the company and GST registration involved verification, and that the applicant had been in custody since 16.2.2026. The State opposed bail, while stating that the charge sheet had been submitted.
