MANJULA UDAYA SANKAR Vs. D BALRAJ

JUDGEMENT

(1.) THE petitioner has filed the above Criminal Original Petition to call for the Records in CC No,428 of 2007 on the file of Judicial Magistrate III, Coimbatore and quash the same.

(2.) THE ingredients of the complaint is that the complainant's wife (1) Visweshwari, (2) Tmt.Vasantha, W/o Shanmugam and accused Nos.1 to 3 formed a partnership firm in the name and style of M/s. Cashgain Finance and investments. THE said firm was registered in registration No.1010 of 1995. THE firm was lending money to the customers on hire purchase. A number of persons had also deposited money with the said firm. THE Complainant was acquainted with the nature of business and involved himself in canvassing for deposits and collecting money from customers who had borrowed money from the said firm.

(3.) THE complainant has further alleged that during the well-being of the firm, some properties/lands were purchased which were worth Rs.25 lakhs in 1995-96. Because of the irregularities of the accused, large amounts are due to depositors which cannot be repaid and therefore the complainant is paying interest to all the depositors. Further, as the accused have not given their consent to dispose of the property, the complainant is unable to utilise the properties for the clearing of deposits due.