STATE OF KARNATAKA Vs. SRINIVASA

JUDGEMENT

(1.) The State has filed this petition under Sec. 482 of the Code of Criminal Procedure to set aside the judgment and order dtd. 17/12/2019 in Cr.No.46/2016 on the file of Prl.District and Sessions Judge, Mysuru for the offences punishable under Ss. 406, 420, 109, 120 r/w Sec. 34 IPC and Sec. 9 of Karnataka Protection of Interest of Depositors Act, 2004 ('KPID Act, 2004' for short) and to restore the same to the file of District and Sessions Judge, Mysuru to enable it to take cognizance and proceed with the matter.

(2.) For the sake of convenience, the parties are referred to by their ranks before the trial Court.

(3.) In support of the petition, the State has contended that the accused are running a company under the name and style of Alite India Ltd. The accused have colluded together and assuring general public return of their investment with highest interest and bonus, have collected huge amount under different schemes. However, later they have failed to return the same with interest.