VARALAKSHIMI Vs. STATE OF KARNATAKA

JUDGEMENT

(1.) The appellant has sought to set aside the Order dtd. 23/4/2024 passed by the Court of Principal District and Sessions Judge, Bangalore Rural District, Bangalore, in Criminal Misc.No.833/2024, in so far as rejecting her application filed under Sec. 438 of Cr.P.C.

(2.) Appellant is arraigned as Accused No.2 in Crime No.349/2021 of Hosakote Police Station, registered for offences punishable under Sec. 9 of the Karnataka Protection of Interest of Depositors in Financial Establishment Act, 2004 (in short 'KPIDFE Act'), Ss. 21 and 22 of the Banning of Unregulated Deposit Schemes Act, 2019 and Ss. 120-B and 420 read with Sec. 34 of IPC.

(3.) The allegations in brief are that the appellant herein and others being the Directors of one M/s.N.G.R.Enterprises Chit Fund Private Limited, induced the complainant and others to become members and received huge amount from them who deposited the said amount in instalments in the chit business and thereafter, without returning the amount, sold the properties fraudulently and cheated them.