The Bombay High Court has stepped in to thin the ranks of accused in a sprawling ₹50-crore investment scheme case, quashing criminal proceedings against four individuals while allowing the case to move forward against one other who, the Court found, had a direct money trail.
The relief was granted to Walmik Dhone, Pallavi Khade, Pradeep Khade and Ashay Khade, with the Court holding that the material on record did not disclose any prima facie involvement on their part. Their names, the Court noted, surfaced mainly in connection with their presence at a promotional seminar and in guiding prospective investors—without evidence that they had received, handled or diverted any of the funds.
Dragging them into a full-fledged criminal trial on such limited allegations, the Court observed, would amount to a misuse of the legal process.
The same leniency, however, was not extended to Akshay Pradeep Khade. Examining the investigation records and witness statements, the Court found concrete indications that he had received money from investors in cash. Bank records, including account extracts showing receipt and withdrawal of funds, were seen as sufficient to establish a prima facie case against him. His plea for quashing the proceedings was therefore rejected.
The case traces its origins to a complaint by an Akola-based doctor, who claimed he was persuaded to invest in a scheme linked to “Platin Ultima (PLC Ultima)” after being introduced to the group by a local medical shop owner. According to the complaint, investors were promised returns in dollars—running up to seven times the investment—against deposits made in Indian currency.
A seminar held at a hotel in Akola, reportedly attended by several hundred people, allegedly became the launchpad for the scheme, drawing investments that cumulatively crossed the ₹50-crore mark.
While the Court found no actionable role attributed to four of the accused beyond peripheral involvement, it drew a clear line where financial accountability was backed by documentary evidence—allowing the prosecution to continue against the accused linked to the flow of funds.
