Stay abreast with the latest developments in the professional domain along with in-depth analysis through the monthly BCA Journal. Get access to an engaging library of researched publications from the BCAS stable.
Learn MoreExplore past issues of BCA Journal & indulge in a treasure trove of high-quality professional content across format of print, videos & learning events from the BCAS stable.
Learn More
11. Alka Agrawal & Ors. v. State of Maharashtra & Ors.
2026 INSC 489
Financial establishments – Deposit – loan transaction – Applicability of MPID Act – Investment carrying assured return held to constitute “deposit”. [Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999, S.2(c), 2(d), 3]
FACTS
The appellants invested an aggregate amount of Rs.2.51 crore with the respondents for the development of a resort project at Tadoba, Maharashtra. The respondents allegedly assured repayment with interest at the rate of 24% per annum, payable quarterly.
The amounts were paid through banking channels between 2016 and 2019. The respondents failed to repay either the principal amount or the assured returns.
The appellants initiated various civil and criminal proceedings, including summary suits, proceedings under section 138 of the Negotiable Instruments Act and applications under section 156(3) of the Cr.P.C. The High Court held that the transaction was merely a loan transaction of a civil nature.
Thereafter, proceedings were initiated under the Maharashtra Protection of Interest o
