Mumbai: The Maharashtra Protection of Interest of Depositors (MPID) court granted bail to UK businessman Nishit Patel, an accused arrested for cheating actor Javed Jaffery and his wife of Rs .Judge Vikram R. Jagdale allowed Patel’s bail application after noting that while a specific role had been attributed to him in the alleged offence, the other wanted accused had received the bulk of the money and had since settled the dispute with the informant.Patel’s bail comes hot on the heels when the high court is likely to pass an order in BMC ward officer Mahesh Patil’s bail application on Thursday. Patil has allegedly filed a consent term stating to settle the financial dispute with the complainant.The case pertains to a complaint filed by Javed’s wife Habiba alleging that she and her relatives were cheated of nearly Rs 16.24 crore to Rs 17.5 crore on the promise of lucrative returns and property allotment in a redevelopment scheme. Patel was arrested and was in jail.Patel, Patil and few other accused have been booked under various provisions of the Bharatiya Nyaya Sanhita, 2023, along with Sections 3 and 4 of the MPID Act.The prosecution opposed bail, claiming Patel had conspired with absconding accused Mahesh Patil and others and had represented the project to the informant despite having no nexus with it. The investigating officer also told the court that Patel had provided bank account details for deposits and that ₹2.10 lakh had been transferred to his account. Police further claimed that forged documents had been used and that government seals and stamps were yet to be recovered.The intervener also opposed bail, alleging that Patel had personally induced the informant and her family to invest ₹30 crore by promising 20,000 sq ft of commercial premises that would generate substantial rental income. It was further alleged that Patel had handed over forged documents and received a Rolex watch valued at ₹20 lakh along with foreign currency towards the investment.Patel’s advocate, Rahul Moghe, argued that Mahesh Patil was the mastermind and that Patel was instead a victim and whistleblower. The defence submitted that Patel had himself lodged a complaint in November 2025 alleging that he was threatened and assaulted by others to confess to the offence. The defence also cited Patel’s mother’s serious health condition and submitted that he was required to take care of her.The court observed that Mahesh Patil appeared to be the prime accused, while Patel was one of the principal accused against whom specific allegations existed. However, the court noted that the entire amount had been transferred to Patil and that he had settled the dispute with the informant. “Further incarceration of the applicant is not warranted,” the court observed, while granting bail.Patel was directed to furnish a personal recognisance bond of ₹2 lakh with one or two solvent sureties in the like amount. He was also permitted to furnish provisional cash bail of ₹5 lakh for eight weeks.The court directed Patel to surrender his passport, barred him from leaving India without prior permission and restrained him from contacting or influencing witnesses. He was also directed to provide his contact details and residential address, along with those of two close relatives, to the investigating officer.
