RAGHAVENDRA Vs. STATE OF KARNATAKA

JUDGEMENT

(1.) Crl.P.No.4861/2020 has been preferred by petitioner-accused No.3 and Crl.P.No.4863/2020 has been preferred by accused No.2 under Section 439 of Cr.P.C. to release them on bail in Crime No.93/2020 of Subramanyanagar Police Station pending on the file of LXIX Additional City Civil and Sessions Judge, Bengaluru for the offences punishable under Sections 420 , 120B r/w Section 34 of Indian Penal Code and also under Section 7 of the Specified Bank Notes (Cessation of Liabilities) Act, 2017.

(2.) I have heard Sri.Prasanna Kumar.P, learned counsel for petitioners-accused and Sri.R.D.Renukaradhya, learned High Court Government Pleader for the respondent-State.

(3.) The gist of the complaint is that on 02.09.2020 the respondent-police received a credible information at about 6.30 p.m. that three persons have come near the park at Milk Colony in Maruti Ertiga vehicle and they are in possession of demonetized notes of Rs.500/- denomination and are making efforts to circulate the same. Immediately, the complainant along with her staff went to the spot at about 6.50 p.m. and when they searched the said vehicle, they found old demonetized notes of Rs.500/- denomination worth Rs.35 lakhs. When they made enquiry with the accused they disclosed that one Jayanth had given the said notes and asked them to collect old notes from the public by giving 10% commission and that they will exchange the said amount in Reserve Bank at 30% commission. On the basis of the complaint a case has been registered.