ABHISHEK GUPTA Vs. U T CHANDIGARH

JUDGEMENT

(1.) THE epitome of the facts, which needs a necessary mention for the limited purpose of deciding the core controversy, involved in the instant petition and emanating from the record, is that petitioner-accused Abhishek Gupta was posted as Senior Manager (Marketing) with M/s Pioneer Securities Private Ltd. (for short the Company). He used to visit the shop of complainant-Deepak Kalra and developed friendly relations with him. THE complainant claimed that in the month of March, 2005, the accused came to his shop and represented to him that accused-V.K.Gupta was a partner of Vikas WSP Company, which he had purchased after it was delisted by the Stock Exchange. THE accused induced the complainant to invest the money through them with the false promise and assurance that by purchasing shares of the said company, they (complainant) will be able to make a huge profit in a short duration of time. THE accused were stated to have represented the complainant that in case he wanted to make the investment, he should give them the amount in cash, on the pretext that encashment of an amount of account payee cheque would take some time, which would result in unnecessary delay and the golden opportunity to make a huge profit in short duration of the time, may be missed.

(2.) ACCORDING to the complainant that as he had friendly relations with the petitioner-accused and had full faith in him, therefore, he (complainant) handed over a sum of Rs.5,05,000/- in cash on different occasions, for the purpose of purchasing the shares in their names. The accused kept on assuring him that they (accused) have invested the indicated money in the aforesaid company. The complainant became suspicious. When he demanded documentary proof, then the accused misrepresented him that the shares were lying in their (accused) account and will be transferred in his (complainant) account. In this manner, the accused delayed the matter on one pretext or the other. It was claimed that ultimately after a lot of persuasion, the accused agreed to return the entire money. Instead of paying the entire amount, the accused was stated to have issued a cheque bearing No.675058 dated 10.04.2006 drawn by ICICI Bank, Chandigarh only in the sum of Rs.5,00,000/- under the signatures of petitioner-accused Abhishek Gupta. At that time, the accused assured the complainant that his entire remaining amount (Rs.10,00,000/-) of investment along with profit thereon will be returned shortly.

(3.) LEVELLING a variety of allegations and narrating a sequence of events, in all, according to the complainant that the accused has dishonestly misappropriated his deposited amount and converted the same to his own use, fraudulently and dishonestly induced him to hand over the amount in question. On the basis of aforesaid allegations and in the wake of complaint of complainant Deepak Kalra (respondent No.2), the present case was registered against the accused, vide FIR No.82 dated 07.06.2006 (Annexure P-3), on accusation of having committed the offences punishable under Sections 406 and 420 IPC by the police of Police Station, Sector 3, Chandigarh, in the manner indicated here-inabove.