R ASHOK KARNAD Vs. STATE INSPECTOR OF POLICE

JUDGEMENT

(1.) The revision petitioner, the sole accused in this case, has come forward with this revision challenging the judgment of conviction and sentence passed by the learned Additional Chief Metropolitan Magistrate, Egmore, Chennai dated 8.7.2009 made in C.C.No.4703/2007, convicting the revision petitioner for the offence under Section 420 IPC and sentencing him to undergo 1 year rigorous imprisonment and to pay a fine of Rs. 2,000/- in default to undergo 3 months simple imprisonment and also convicting him for the offence under Section 468 r/w. 471 IPC and sentencing him to undergo 1 year rigorous imprisonment and to pay a fine of Rs. 2,000/- in default to undergo 3 months simple imprisonment and the sentences are ordered to run concurrently, as confirmed by the judgment of the learned II Additional Sessions Judge dated 8.2.2010 made in C.A.No.126/2009.

(2.) The case of the prosecution is that the accused is the Managing Director of M/s. Alacrity Housing Ltd., (hereinafter referred to as "M/s.AHL"). During the year 2000, M/s.AHL proposed to develop 168 flats complex called 'Prasan' at Adambakkam, Chennai and out of which 101 flats were reserved for the allotment for their own employees. Accordingly M/s.AHL arranged loan for 61 employees from CITI Bank. They have also availed loan from UCO Bank prior to the availing of loan from CITI Bank by mortgaging 50% of the undivided share of the land. As against the security of the remaining 50% of the undivided share of the same land M/s.AHL availed loan from the CITI Bank. As M/s.AHL felt that the CITI Bank charged higher rate of interest, the company approached the State Bank of India, Special Housing Finance Branch (SHFB) to take over loans in respect of 61 employees. Accordingly, the State Bank of India, SHFB has taken over 30 housing loans of the employees of M/s.AHL from the CITI Bank, Anna Salai, Chennai and the State Bank of India, Tidel Park Branch took over 17 housing loans of employees from the CITI Bank, Anna Salai and issued bankers cheques for closing the loan accounts of the employees of M/s.AHL. The bankers cheques, Exs.P32 to P35, have been handed over to the representative of M/s.AHL at the instance of the accused namely the Managing Director of M/s.AHL. In respect of the bankers cheques, Exs.P32 to P35, instead of depositing the pay orders in the loan account, the word "A/c Alacrity" was inserted after CITI Bank NA and deposited with CITI Bank, Chennai into the current account of M/s.AHL, instead of closing the loan accounts of employees and thereby caused a wrongful loss of Rs. 13,63,331/- to the State Bank of India, Tidel Park Branch and he has made wrongful gain and thereby committed the offences punishable under Sections 420 and 468 r/w. 471 IPC.

(3.) F.I.R was registered in this case by one P.K.Nair, PW10, Inspector of Police, C.B.I, Anti Corruption Branch, Chennai on source information in Crime No.R.C.MA1 2004 A 18 for the offence under Section 120B r/w. 420 IPC and under Section 13(2) r/w. 13(1)(d) of the Prevention of Corruption Act, 1988. Exs.P60 is the F.I.R. Four accused have been named in the F.I.R namely (i) Sri.T.Purushothaman, then Chief Manager, SHFB and presently working as AGM, SBI, T.Nagar, Chennai (ii) Shri Selvaraj, Manager, SHFB, Chennai (iii) Shri Panchatcharam, then Manager, SBI, Tidel Park Branch (iv) M/s.Alacrity Housing Ltd., represented by its Directors. It is pertinent to note at this stage that the name of the revision petitioner/accused was not mentioned in the F.I.R, either mentioning his name or mentioning his designation as Managing Director.