B.R. ACHARYA Vs. A. ANIL KUMAR PAI

JUDGEMENT

(1.) Heard learned counsel for the petitioner and learned counsel for the respondent.

(2.) This revision petition is filed against judgment of conviction and sentence passed against the petitioner in C.C.No.21364/2007 dtd. 25/9/2014 for the offence punishable under Ss. 409 and 420 IPC, wherein for the offence under Sec. 409 IPC, accused was sentenced to undergo simple imprisonment for 2 years and to pay fine of Rs.10,000.00 and in default of payment of fine, to undergo simple imprisonment for three months as well as confirmation order passed in Crl.A.No.1155/2014 dtd. 9/9/2019.

(3.) The factual matrix of the case of the respondent/complainant before the Trial Court while invoking Sec. 200 and penal provisions of Sec. 409 of IPC is that complainant is an Engineer residing permanently at Bangalore. Accused was introduced to him through one N. Haricharan Babu during the year 2004. The accused represented that he is an expert in the trading of stocks, shares and securities and having license with M/s. Peninsular Capital Market Limited, No.104, Raheja Plaza, Richmond Road, Bangalore. The accused promised the complainant that he would transact in the shares and securities and out of the profit earned, he would deduct 1% towards his commission. The complainant was impressed by his representation made by the accused, believed him and entrusted shares of various companies for trading. The complainant had entrusted 1000 shares of L&T Company, 200 shares of Reliance Industries, 300 shares of ICICI Bank. Further, the complainant had given cash of Rs.9,00,000.00 to the accused for investing in trading business. The complainant had to part with his shares and also issued cheques totally valued for Rs.2,55,505.00 drawn in favour of M/s. Peninsular Capital Market Ltd. Till September 2005, the accused was responding to the queries made by the complainant. Subsequently, from the month of October 2005, the accused started evading calls of the complainant. The accused said that his office was raided by Income Tax Department, the Demat accounts and all the documents were seized. He was unable to transact the shares and the securities. Later, the accused started evading, subsequently, the complainant made enquiries with the Income Tax Authorities and found that no raid was made on the office of the accused and on further enquiry, came to know that the accused was neither a licensed broker nor a member of Banglaore Stock Exchange. The accused cheated the complainant and misappropriated the cash of Rs.9,00,000.00, shares worth of Rs.21,10,000.00 and also misappropriated the amount under two cheques to an extent of Rs.2,25,505.00 i.e., totally an amount of Rs.32,65,505.00.