Pune: The Supreme Court has denied anticipatory bail to former corporator Uday Trimbak Joshi and his son Mayuresh Joshi, who are accused of duping multiple investors out of crores of rupees by promising lucrative returns on investments in a gas agency scheme.

The apex court’s bench, comprising Justices Vikram Nath and Prasanna Varale, upheld the decisions of the special court and the Bombay High Court, both of which had previously rejected their bail applications.

The case centers around accusations that the Joshi duo lured investors by promising an attractive annual return of 12 percent on investments in their gas agency.

However, investigations revealed that these promises were backed by fraudulent certificates that were not authorized by the Reserve Bank of India. According to police reports, several investors were deceived into believing in the legitimacy of these returns, only to find themselves swindled.

The legal proceedings against Uday and Mayuresh Joshi began when complaints were lodged at the Vishrambaug police station. The father-son duo is facing multiple charges related to financial fraud.

Initially, they sought anticipatory bail from the special court, which denied their plea. They then approached the Bombay High Court, which also rejected their request.

In a final attempt, they appealed to the Supreme Court, which has now dismissed their anticipatory bail application, reinforcing the lower courts' decisions.

Representing the complainants, advocates Ashish Patankar and Shantanu Phanse argued that the Joshi duo had systematically defrauded a significant number of investors without obtaining necessary regulatory approvals from the Reserve Bank of India.

The Supreme Court, acknowledging the gravity of the accusations, concurred with the High Court's assessment and ruled that the anticipatory bail should not be granted.