This case is registered against the accused for the
offence punishable U/s 138 of Negotiable Instruments
Act.
2. Factual matrix of the complainant’s case is as
under:
It is stated that the complainant is a money lender
and he knows the accused. The accused has approached
him for hand loan of Rs.5 lakhs on 20.11.2021.
Accordingly, the complainant has lent Rs.5 lakhs by way of
transferring the money to the account of the accused on
24.11.2021 and in this regard the accused had executed
on demand pronote and consideration receipt on
24.11.2021. The accused has agreed to repay the loan
with interest @ 24% per annum within one year. However,
the accused has not repaid the amount as agreed and
after repeated demands on 24.01.2023 the accused has
issued cheque bearing No.7340004 for Rs.6,40,000/-,
drawn on M/s State Bank of India, JP Nagar 4th Phase,
Bengaluru for principle and interest. When he presented
the cheque it returned with an endorsement as ‘Funds
Insufficient’ on 24.01.2023. Thereafter, the complainant
got issued a legal notice on 28.01.2022 demanding the
accused to make payment of cheque amount within 15
days, but it was returned on 01.02.2023 with an
endorsement as ‘not claimed’. However, the accused not
repaid the amount. Hence the complainant has
constrained to file the present complaint.
