KARBAGA BALAJI FINANCE Vs. STATE OF TAMIL NADU

JUDGEMENT

(1.) The accused Nos.1,2 and 4 in a calendar case, wherein the accused Nos.1 to 5 stood charged under Section 5 of the TNPID Act and Section 120(B) r/w 420 and 406 I.P.C., the first and second accused were found guilty under Section 5 of TNPID Act and ordered to pay a fine of Rs.50000/- each, the 4th accused was found guilty of the charge under Section 5 of TNPID Act and sentenced to undergo R.I. for 5 years and to pay a fine of Rs.50000/-, in default, sentenced to undergo R.I. for a period of 6 months, the 4th accused was also found guilty under Section 406 I.P.C. and sentenced to undergo R.I. for one year, the 4th accused was found not guilty u/s 120(B) r/w 420 I.P.C. and acquitted thereof, the 3rd accused was acquitted of the charge u/s 5 of TNPID act and the 5th accused was found not guilty u/s 120(B) r/w 420 I.P.C., 406 IPC and Section 5 of TNPID Act and acquitted thereof, have brought forth this appeal.

(2.) The brief facts necessary for the disposal of this appeal can be stated thus:

(3.) In order to prove its case, the prosecution has examined 46 witnesses and marked 94 exhibits. No material objects were marked. On the completion of the evidence of prosecution witnesses, the accused were questioned under Section 313 Cr.P.C. as to the incriminating circumstances found in the evidence of prosecution witnesses. Accused No.4 examined himself as D.W.1. He has stated that the subscribers, who gave evidence in this case, have not paid the subscription upto the last installment; that he has paid the amounts to the prized subscribers; that the deposit amounts collected by him were lent to several persons for interest on promissory notes; that those promissory notes were seized by police and that since he was arrested, he could not recover the amount from his borrowers. After hearing rival submissions and scrutiny of the materials available, the trial court found A1, A2 and A4 guilty and sentenced them to undergo imprisonment as stated above. Aggrieved accused 1,2 and 4 have brought forth this appeal.