JAYRAJ HIRAJI BHOIR Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) THIS Petition, under Article 226 of the Constitution of India, is filed for quashing of FIR registered against the petitioner bearing FIR No.63 of 2007 dated 3.2.2007 in Chembur Police Station, Chembur, Mumbai for the offence punishable under Section 409 read with Section 34 of Indian Penal Code.

(2.) THE petitioner is the General Manager of Chembur Nagarik Sahakari Bank Ltd. In the FIR the complainant, who incidentally is the power of attorney holder of Shri Prakash Ahuja, Mrs.Neeta Prakash Ahuja, Dinesh Prakash Ahuja and Mahesh Prakash Ahuja, has alleged that on 25.1.2002 all four of them had invested an amount of Rs.2 lacs each in their personal names in the Fixed Deposit Scheme with the said Chembur Nagarik Sahakari Bank Ltd., for a period of three years. The aggregate sum of Rs.8 lacs invested in the Fixed Deposits was to mature on 25.1.2005. On the due date, instead of returning the amount so invested along with interest thereon, the Bank reinvested the amount receivable by the said four persons from the bank, in another Fixed Deposit scheme. It is alleged that the Bank did not return the amount to the said four persons for which they were required to issue legal notice through their Advocate on 23.6.2006. In spite of receiving the legal notice, the Bank did not refund the FDR proceeds to the said four persons. The allegation is that the Bank without the permission of the said four persons renewed the amount in fresh FDRs for a further period. On the basis of these allegations, FIR has been registered against the officials of the Bank for the offence punishable under Section 409 read with Section 34 of Indian Penal Code.

(3.) GOING by the FIR, we are in agreement with the submission of the petitioner that even if each of the allegation contained therein is to be taken as it is, it merely discloses that the transaction between the Bank on the one hand and the four investors on the other hand, was only one of investing the amount aggregating to Rs.8 lacs in Fixed Deposit scheme as a consequence of tripartite arrangement for offering loan facility and the Fixed Deposit amounts were to remain as security. Indeed the amount so invested in FDRs on 25.1.2002 were to mature on 25.1.2005, but, that does not mean that four persons became entitled to receive the said amount unless their obligation under the tripartite agreement was fulfilled by them by producing NOC to indicate that all the liabilities by the three borrowers have been cleared.