SUBHASH CHAND AGGARWAL, MANAGING DIRECTOR, M/S SMC GLOBAL SECURITIES LTD. & ANR. Vs. THE STATE OF BIHAR & ANR.

JUDGEMENT

(1.) Heard learned counsel for the petitioners. On repeated calls, neither the counsel for the State nor the counsel for opposite party no.2 has appeared to contest the matter.

(2.) This application under section 482 of the Code of Criminal Procedure has been filed for quashing the order dated 22.11.2011 passed by the learned Judicial Magistrate, 1st Class, Patna in Complaint Case No.3109(C) of 2010 by which the learned Magistrate has taken cognizance of the offence punishable under sections 403, 406, 420 and 120B of the Indian Penal Code.

(3.) The aforesaid complaint case was instituted on the basis of a written complaint filed by the opposite party no.2 Anup Kumar Surekha in the court of Chief Judicial Magistrate, Patna on 18th Nov., 2010. According to the complainant, the petitioner no.1 Subhash Chand Agarwal and the petitioner no.2 Mahesh Chand Gupta were the Managing Director and Vice Chancellor respectively of the company namely, M/s SMC Global Securities Limited (hereinafter referred to as "Company No.1"). They along with three other office bearers of the Company No.1 entered into a criminal conspiracy with each other in order to cause financial loss to the complainant and several other investors and earn corresponding gain for themselves and the company no.1. In furtherance of their common object they approached the complainant at M/s Dropati Sales near LIC Building, Dak Bunglow Chauraha, Patna and also at Alam Nagar, Madhepura and highlighted the investment schemes of the Company No.1. They assured the complainant that he would earn 24% interest on deposit made with Company No.1. The complainant has further alleged that relying on the assurance given by the accused persons including the two petitioners, the complainant invested Rs. 5,10,000.00 in fixed deposit assured scheme in the name of his father Ashok Kumar Surekha and paid the amount by bank draft and NEFT in favour of the Company No.1 and one SMC Comtrade Limited (hereinafter referred to as "Company No.2"). The accused persons took signature of the father of the complainant on several forms of the two companies mentioned hereinabove and accepted the bank draft and NEFT made in their favour. They encashed the said amount but despite repeated requests made by the complainant, the accused persons refused to return the amount invested in the two Companies. They also failed to pay any interest even on deposited amount as promised at the time of entering into the agreement. The complainant sent registered legal notice dated 19.10.2010 to the accused persons in this regard but they did not respond to the notice given to them. The complainant has alleged that the accused persons have deliberately misappropriated the invested amount of Rs. 5,10,000.00 of the complainants father.