SRIMAN @ V. NARAYANAN Vs. STATE

JUDGEMENT

(1.) The Petitioner/A1 was convicted by Judgment, dtd. 4/2/2021 in C.C. No.23 of 2015 and sentenced to undergo Rigorous Imprisonment for seven years and to pay a Fine of Rs.10,000,.00 in default to undergo one Month Simple Imprisonment for offence under Sec. 420, IPC read with Sec. 4 read with 76 of Chit Funds Act, 1982. A2 was acquitted from all charges. Challenging the same, the Petitioner preferred an Appeal before the learned Principal Sessions Judge, Villupuram (Lower Appellate Court) in Crl.A. No.3 of 2021. The Lower Appellate Court by Judgment, dtd. 21/4/2021 confirmed the Conviction but modified the Sentence to the effect that the Petitioner shall undergo Rigorous Imprisonment for 7 years and to pay a Fine of Rs.10,000,.00 in default to undergo Simple Imprisonment for one month for offence under Sec. 420, I.P.C. and the Petitioner shall undergo Rigorous Imprisonment for two years for offence under Sec. 4 read with 76 of Chit Funds Act, 1982. Both the sentences ordered to run concurrently. Aggrieved over the same, the present Criminal Revision Case is filed by the Petitioner.

(2.) Gist of the case is that the Petitioner/A1 along with one Kumar @ Govindhan/A2 were running an unregistered Monthly Chit Fund in the name of M/s. Sriman V. Narayana Yadav Chits Private Limited, Gingee without obtaining previous Sanction of the State Government. The said unregistered Chit Fund operates various schemes starting from Rs.10,000.00 to Rs.50,00,000..00Based on assurance and promise given by the Petitioner/A1 & A2, PW1 to PW11 joined the said Chit Fund as Subscribers and paid substantial amount towards the Chit. Later, the Chit amount not repaid to the Subscribers and they were cheated by the Petitioner and A2 to the tune of Rs.11,15,950..00 Based on the Complaint (Ex.P2) of PW1, PW16/Investigating Officer, Economic Offence Wing-II registered FIR (Ex.P25) in Crime No.2 of 2014 for offence under Sec. 420, IPC and Sec. 4 read with 76 of Chit Funds Act, 1982, visited the place of unregistered Chit Fund, prepared Observation Mahazar (Ex.P24) in presence of PW12 & PW13, prepared Rough Sketch (Ex.P26), recorded the statements of individual Subscribers to the Chit and on conclusion of investigation, filed Charge-sheet before the Trial Court on 23/12/2014.

(3.) During trial, 16 Witnesses examined as PW1 to PW16 and 27 Documents marked as Exs.P1 to P27. On the side of the defence, no Witness examined and no Document marked. On conclusion of trial, the Trial Court convicted the Petitioner as stated above.