K.RAVINDRA Vs. STATE OF KARNATAKA

JUDGEMENT

(1.) Petitioner, who is arraigned as accused, has filed this petition under Sec. 482 of Cr.P.C. to quash the criminal proceedings initiated in P.C.244/2021 (Crime No.44/2021) of Hosapete Rural, P.S. on the file of Principal Civil Judge, Hosapete, Ballari, for the offences punishable under Sec. 405 , 406 , 409 , 415 , 417 , 418 , 420 , 423 , 468 , 477 , 506 , 120(B) of IPC.

(2.) It is the case of the petitioner that the respondent No.2 filed a private complaint on 3/6/2021 against the petitioner in P.C.No.244/202. Alleging that petitioner, respondent No.2 and others formed a partnership firm by name of HBB Enterprises and it is registered with District Registrar and business was started during the year 2018. Initially, the investment was Rs.10.00lakh per capita and petitioner offered 35% share in the profit of the firm to the respondent No.2 and induced him to arrange for additional capital. The account was managed and operated by petitioner and Sri.C.Hamumanthappa. At the inducement of petitioner, complainant has invested Rs,62,28,000/-. However, petitioner has failed to give him the promised profits at the rate of 35% and has cheated him for more than Rs.1.00 Crore and hence the complaint.

(3.) Respondent No.1 has appeared through learned High Court Government Pleader.