ABDULSAHEB Vs. ONENESS CHIT FUNDS PVT LTD

JUDGEMENT

(1.) This petition has been filed by the petitioner/accused challenging the judgment and order, dated 15.07.2017, passed by the II Additional District and Sessions Judge, Belagavi, in Crl.A. No.42/2017 whereby the judgment of conviction and order of sentence, dated 04.02.2017, passed by the Judicial Magistrate First Class II, Belagavi, in C.C.C. No.64/2016 was confirmed and the appeal was dismissed.

(2.) I have heard the learned counsel for the petitioner and the learned counsel for the respondent.

(3.) The gist of the complaint is that the complainant is having in money transactions. The complainant is a registered company. The accused is the member of the said chit fund company and he being the highest bidder in action No.18, he bid for Rs.10,50,000.00. The complainant paid the price amount to the accused through cheque. The accuse being the beneficiary of the chit amount failed to make payment of installment Nos.14 to 25 to the tune ofRs.7,96,076.00. On repeated requests, the accused issued a cheque bearing No.612349, dated 03.11.2015, drawn on HDFC Bank. When the said cheque was presented for encashment, the same was returned with an endorsement "Funds insufficient", with a memo dated 05.11.2017. Thereafter, the complainant issued a legal notice and it was served on the accused on 03.12.2015. However, no reply was given by the accused and a complaint was registered for the offence under Sec. 138 of the Negotiable Instruments Act.