The City Civil & Sessions Court of Greater Bombay has rejected the anticipatory bail application of Lakshya Nirmal Baid, a 41-year-old businessman, in connection with an alleged ₹50.75 lakh diamond fraud case. Baid is accused of defrauding an informant by misappropriating diamonds that were handed over under the pretext of selling them to a third party on a commission basis.
The case, registered under FIR No. 395/2024 at BKC Police Station, involves charges under Sections 420 (Cheating) and 409 (Criminal Breach of Trust) of the Indian Penal Code (IPC). According to the prosecution, Baid, along with his co-accused, allegedly induced the informant to deliver diamonds valued at ₹50.75 lakh but failed to fulfill the promise of selling them. Instead, the diamonds were reportedly sold in Hong Kong, and the proceeds were misappropriated.
The Investigating Officer (IO) strongly opposed the bail, presenting a detailed reply stating that Baid had not complied with a notice issued under Section 41(1)(A) of the Code of Criminal Procedure. The IO highlighted that Baid, currently residing in Dubai, had not cooperated with the investigation and that his presence was crucial to recover the misappropriated diamonds. The IO further raised concerns about the potential for witness intimidation and interference with the investigation if Baid was granted bail.
In its ruling, the court, presided over by Additional Sessions Judge Shri V. M. Sundale, noted the seriousness of the allegations and the dishonored cheque issued by Baid for partial payment, which indicated fraudulent intent from the outset. The court ruled that Baid’s physical presence was essential for further investigation and recovery of the diamonds and thus rejected the bail application.
The case is ongoing, with authorities continuing to seek Baid’s cooperation to recover the misappropriated assets.
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