NAGALAKSHMI FINANCE INVESTMENTS CONSULTANTS Vs. STATE REP

JUDGEMENT

(1.) This is an appeal made by A1 to A3, who stood charged and tried along with A4 under Sections 120 B r/w 420, 409, 109 IPC and Section 5 of the TNPID Act. The appellants were found guilty under Section 420 IPC and Section 5 of TNPID Act. A1 was directed to pay a fine of Rs.1 lakh through A2, while A2 and A3 were convicted for 420 IPC and sentenced to undergo 3 years RI and to pay a fine of Rs.50000/- in default six months RI and for the section 5 of TNPID Act to undergo 10 years RI and to pay a fine of Rs.1 lakh in default one year RI and both the sentences to run concurrently. The trial court acquitted the fourth accused of all the charges levelled against her. During the pendency of this appeal, A3 died, and hence, insofar as A3 is concerned, the appeal becomes abated. Thus, this appeal is prosecuted only by A1 Financial Institution and A2.

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

(3.) In order to prove the charges levelled against the accused, the prosecution examined 86 witnesses and marked 355 exhibits. No material objects were produced. On completion of the evidence on the side of the prosecution, the accused were questioned under Section 313 of Cr.P.C. as to the incriminating circumstances found in the evidence of the prosecution witnesses. A2 and A3 admitted that amounts were collected under Fixed deposit scheme and other schemes in the name of A1. But, it cannot be repaid in time, since they could not recover the amounts from the persons to whom it was advanced. On the side of the defence, four documents were filed. On consideration of the rival submissions and scrutiny of the available materials, the trial court found A1 to A3 guilty of the offence referred to above and sentenced to pay fine and imprisonment as stated above, while A4 was acquitted of all the charges levelled against her.