RAHEENA J W/O. NAZAR Vs. SUB INSPECTOR OF POLICE, ATTINGAL POLICE STATION, THIRUVANANTHAPURAM AND ANOTHER

JUDGEMENT

(1.) This petition is filed under section 438 of the Code of Criminal Procedure, 1973.

(2.) The petitioner's husband is a business man. He is the Managing Director of M/s. Nassco Trading India Pvt. Ltd., Alamcode, and the Managing Partner of M/s. S. B. Agencies, a Partnership firm. The petitioner was the Director of the Company and a partner of the firm.

(3.) According to the de facto complainant, who is the Manager of SBI, Mamom Branch, at the request of the accused, the Bank had extended credit facilities to the tune of Rs. 10.5 Crores to the Company and a sum of Rs. 7 Crores to the partnership firm. Credit facilities were sanctioned against the primary security of stocks of tiles kept at various go downs at Alancode, Cochin and Calicut and also the plants and machineries. The borrowers had also executed agreements confirming hypothecation of the above assets and other security documents. The borrowers had undertaken while executing the documents that they would refrain from doing any act to the prejudice of the Bank. It is alleged that when inspections were conducted in the premises of the borrowers from the month of April, 2017, it was revealed that they had surreptitiously removed the hypothecated stock with intent to defraud the Bank. The plants and machineries were also transferred by the accused without the knowledge and consent of the Bank with intent to cheat the Bank.