SREI EQUIPMENT FINANCE LTD. Vs. STATE OF TELANGANA

JUDGEMENT

(1.) This Criminal Petition is filed under Section 482 of the Code of Criminal Procedure (Cr.P.C.) seeking quashing of investigation in Crime No.37 of 2019 of P.S. Central Crime Station, Hyderabad, registered against the petitioners/A-1 and A-2 for the offences punishable under Sections 420 and 409 read with Section 34 of the Indian Penal Code.

(2.) Heard the learned counsel for the petitioners/A-1 and A-2 and the learned Additional Public Prosecutor for the State.

(3.) The facts of the case, in brief, are that A-1 is the Financial Institution and A-2 is the Head of the A-1 institution, A-2 came into acquaintance with A-3 for the last ten years, A-3 stated that Crane Services business is very lucrative and getting lot of profits, A-1 to A-8 are partners of M/s. Durga Crane Services, who have induced the de facto complainant to get into the said business, A-3 to A-8 offered him that they will arrange finance for purchase of DEEMAG HC 810 Crane from A-1, A-3 brought the officials of A-1 during March, 2016 who also assured him that loan would be sanctioned immediately and in turn the same can be paid to A-1, on that the de facto complainant submitted documents irrespective of financial credentials and without guarantee and without security, loan was sanctioned on 16.03.2016, A-1 and A-3 insisted the de facto complainant to transfer the amounts to A-3 firm, A-3 executed a sale deed dated 05.03.2016 regarding purchase of Crane but the said Crane was not delivered to the de facto complainant, on that he contacted A-3 in this regard but he has been dodging the matter on one pretext or the other and stopped receiving phone calls of the de facto complainant and when visited the office of A-1, he came to know that the loan account of A-3 was in continuous default and the officials of the financial institution actively connived with A-3, conspired and transpired together, hatched a plan to dupe using the de facto complainant as a pawn.