The Bombay High Court has ruled that film producer Boney Kapoor is no longer liable to pay interest on ₹29 lakh in connection with a case under the Maharashtra Protection of Interest of Depositors (MPID) Act. The decision follows the acquittal of the main accused in a ₹57.7 crore deposit fraud dating back to 2003.
In a November 10 order made available on Tuesday (November 18, 2025), a Division Bench of Justices Bharati Dangre and Shyam C. Chandak observed, “At this stage, no liability can be fastened upon the appellant, as the main accused has been acquitted and in any case, the appellant has not abided by the directions issued under the impugned order of deposit of interest, as directed and we shall clarify that in the wake of the Judgment, he is no longer liable to make the payment of interest.”
The MPID Act, enacted in 1999, aims to protect investors from fraudulent financial schemes by enabling attachment of properties of defaulting entities.
In this case, the prosecution alleged that Ajay Amrutlal Thakkar and his wife Bhavana floated a financial institution, collected deposits from the public promising high returns, and defaulted on payments. The alleged fraud was pegged at ₹57.70 crore, and property worth ₹1.27 crore was seized for investor recovery. The case was registered in 2003 and investigated by the Crime Branch, CID.
