PANAJI
The High Court of Bombay at Goa has rejected pre-arrest bail to an accused, absconding in the alleged Bio Estate Solutions investment fraud, observing that a joint account linked to her and another accused recorded transactions of a massive Rs 15 crore.
Kajal Chudasama was booked by the Economic Offences Cell, Porvorim, in connection with an FIR alleging that Bio Estate Solutions, operating from Mapusa, induced investors through schemes including land purchase, pension, Biokkin and Cinema on Web (B-2), despite allegedly not being registered as an NBFC or authorised to accept investments. A chargesheet was filed on March 17, 2026, wherein Chudasama was shown as absconding. Her earlier pre-arrest bail application was also rejected by the Special Court on February 25. During the hearing before the High Court, Advocate Veerdhawal Deshmukh, appearing for the applicant, submitted that Chudasama was falsely implicated, had never visited Goa or induced investors, and had no connection with Bio Estate Solutions. He also argued that she had a 15-year-old daughter and custodial interrogation was unnecessary.
Opposing bail, Additional Public Prosecutor Nikhil Vaze submitted that the investigation revealed diversion of money into Cinema on Web (B-2), in which Chudasama was a partner. The Bench of S G Chapalgaonkar noted that Chudasama was a joint account holder in Cinema on Web with the first accused, Shivaji Wakale, and that Rs 15 crore was transacted between July 2021 and July 2024. Witness statements indicated substantial investment in COW Coin.
“Her custodial interrogation would be necessary to find out further money trail... It is apparent that, applicant has avoided to co-operate with investigation. She was served with notice under Section 35(3) of BNSS, 2023. However, she did not appear before investigator. In such circumstances, applicant cannot be given protection of pre-arrest bail,” the court said, rejecting her anticipatory bail.
