JAYANT BISWAS Vs. STATE OF TELANGANA

JUDGEMENT

(1.) This Writ Petition is filed aggrieved by the action of the respondents in not acting upon the representation of the petitioner dtd. 23.11.2021, and for a consequential direction to the respondents not to register any further cases/complaints against the petitioner as a consequence of registering F.I.R.No.1285 of 2021 by respondent No.5- Station House Officer, P.S.Madhapur.

(2.) The aforesaid crime is registered for the offences under Sections 406, 420 read with 34 IPC and under Sec. 5 of T.S.P.D.F.E.Act. The petitioner is arrayed as A1. In the report lodged by one of the victims, it is stated that when the complainant has approached the petitioner, who is Director of Metalloids Technologies Private Limited, situated at Madhapur, and some other Directors through his known person Mahesh, the accused persons offered the complainant huge interest returns of 40% within 25 days, if money is invested by him. Believing their words, the complainant has invested an amount of Rs.52,000/-. The accused persons since inception acted with a pre-mediated plan and played fraud on the complainant and induced them to invest an amount and cheated him for wrongful gain causing wrongful loss.

(3.) Learned Senior Counsel Sri Vinod Kumar Desh Pande, appearing on behalf of the petitioner, submitted that the Bank accounts of the petitioner vide A/c.Nos.5276010100033916, 527602010010731 of Union Bank of India and A/c.No.18090300032288; 390100014428; 390100013155; 18090200001681 of Bank of Baroda, Madhapur, were seized by the police during the course of investigation. The complainant in F.I.R.No.1285 of 2021 has submitted a letter informing the police that he intends to withdraw the complaint and further, with a further request for de-freezing the accounts. Learned senior counsel submits that the total amount lying in the Bank account is Rs.7 crores, and even according to the investigating authorities, the entire amount payable by the petitioner to its customers/investors is Rs.1,50,00,000/-, and hence, the police may be directed to withhold the said sum of Rs.1,50,00,000/- and a direction be given to the respondents to release the balance amount of Rs.5,50,00,000/-.