PAWAN JAGGI Vs. CBI

JUDGEMENT

(1.) BY way of this petition under Section 482, Cr. P. C. the petitioner seeks quashing of criminal proceedings bearing N6. RC S15 2001 S0007 dated 12-11-2001 entitled State v. Pawan Jaggi pending in the Court of Shri A. S. Aggarwal, metropolitan Magistrate, Karkardooma court, New Delhi.

(2.) THE relevant facts leading to the filing of the present petition are as under : -

(3.) THE petitioner herein is the Chairman cum -Director of M/s. Seasons Creation (Pvt.)Ltd. a garment exporting company. The respondent No. 2 (the Allahabad Bank) is the complainant in the aforesaid FIR, the respondent No. 3 is a former Director of M/s. Seasons Creation (Pvt.) Ltd. and the respondent No. 4 was its accountant at the relevant time. M/s. Seasons Creation Pvt. Ltd. had availed of certain credit facilities from the respondent No. 2-Bank from time to time and in order to secure the outstanding due to the respondent No. 2. M/s. Seasons Creation (Pvt.) Ltd. had hypothecated its machineries, stocks etc. to the said respondent. Between 15-11-1998 to 1-5-1999 when the petitioner was away to London in connection with his business, the respondent No. 3 fraudulently misappropriated and cheated m/s. Seasons Creation (Pvt.) Ltd. and the petitioner to the tune of more than Rs. 2 crores by illegally disposing of the machineries and stocks hypothecated by M/s. Seasons Creation (Pvt.) Ltd. in favour of the respondent No. 2 Bank. It is submitted by the petitioner that on coming to know about the fraud the petitioner immediately lodged a complaint with Police Station Tiruppur (Tamil Nadu) and an FIR No. 25/99 under sections 406 and 420, IPC dated 26-7-1999 pursuant to the same was registered against the respondent No. 3. On investigation the police of Police Station Tiruppur altered the charges against the respondent No. 3 and sought his prosecution under Section 120-B, 454, 457, 380, 408 and 420, IPC.