- (1.) This appeal has been filed against the judgment and order dated 28-8-2004 passed by C.J.M., Varanasi in Criminal Complaint Case No. 4015 of 2004 under Section 138, N. I. Act (hereinafter referred to as an Act) whereby learned Magistrate acquitted the accused of the charge for which he stood trial.
(2.) Heard Sri N. M. Sahai, learned counsel for the appellants, Sri Sameer Jain, learned counsel for the opposite party No. I, learned A.G.A. and perused the record.
(3.) Brief facts of the case are that the appellants filed a criminal complaint under Section 138 of the Act alleging that complainant No. 2 was the employee of the complainant No. 1 Fragrant Leasing and Finance Company Limited and had been authorised to present the complaint. The complainant No. 1 used to provide financial assistance after completing the requisite formalities required for adjustment of loan. Accused took a loan of Rs. 11 lacs from complainant No. 1 and in order to repay the loan issued two cheques Number 8630 dated 31-12-2001 and 8629 dated 1-4-2002 for Rs. 6 lacs and 5 lacs (total 11 lacs) respectively with the clear understanding and stipulation that the cheques would be honoured and encashed on presentation. Complainant presented these two cheques at Central Bank of India, Lahurabeer Branch, Varanasi but the same were returned to the complainant on 1-7-2002 with the endorsement on covering memo 'exceeded arrangement' meaning thereby that the accused had issued the cheques knowing well that there was no sufficient fund in his account. It shows the dishonest intention of the accused to deceive the complainant. The complainant through legal registered notice dated 16-7-2002 called upon the accused to make payment of the amount of Rs. 11 lacs with interest @ 24% per annum and the cost of the notice Rs. 600/- within 15 days from the receipt of the notice but the accused did not make any payment. Thereafter the complaint was filed on 6-8-2002 as is clear from the order sheet.;