The complainant filed the complaint under under Section 200
of Criminal Procedure Code against the accused for the offence
punishable under Section 138 Negotiable Instruments Act.
2. The brief case of the complainant is as under:
That the complainant and the accused are known to each
other. The accused being the ex-colleague of the complainant
were working together in M/s Surabhi Chits Ltd. Later the
accused left M/s Surabhi Chits Ltd.,with an intent of opening
his own chit company. That the accused used to borrow money
from the complainant for his legal necessities and used to clear
the same. That in the month of September, 2020, the accused
approached the complainant and informed that he was in need
of hand loan of Rs.3,00,000/- informing that the chit company
set up by him was under loss due to COVID 19 pandemic and
was in need to hand loan for repayment of amount of the
subscribers. That the complainant agreed to lend his saving
amount and lent Rs.3,00,000/-. It was agreed by the accused
C.C.No.3571/2024
that the accused will pay interest @ 24% pa and assured the
complainant to clear the same within 8 months. It is pleaded
that later the accused has agreed to pay a sum of Rs.1,00,000/-
by cash and assured to pay balance amount of Rs.2,00,000/-
with in two months. The accused neither paid the interest nor
cleared the loan amount. Inspite of repeated request made by
the complainant , the accused failed to clear the loan amount.
As the complainant was in need of the amount for his
daughter’s educational purpose, approached the accused and
then the accused issued a cheque bearing No.983389
dated.11.04.2023 drawn on State Bank of India, Race Course
Road, Bangalore for a sum of Rs.2,24,000/- being the principal
amount and six months interest. When the complainant
presented said cheque through his banker i.e. ICICI Bank,
Kumarapark Branch, Bangalore said cheque returned
dishonored for the reason “Funds Insufficient” on 12.04.2023.
Hence, the complainant issued legal notice dated 19.04.2023
and said notice returned with shara ‘unclaimed’ on 25.04.2023.
Inspite of service of notice, the accused failed to pay the claim
amount to the complainant with in the statutory time.
Therefore, the accused has committed the offence under Section
138 of Negotiable Instruments Act. Therefore the complainant
has filed the complaint.
