Section 420 ^ 506
Rajesh
(Querist) 26 July 2009
This query is : Resolved
Hii One of Friends has got Into a Problem a Case of Section 420 & Section 506 has been Filled , I need Your Help in how he Can get out of this .
Friends Name : Jayesh
Complaintant Name : Mr.Panwala
Third party : ( Alliance Finance corporation)
My Friend Jayesh Started Trading in Stocks few years back, he got introduced to Mr.Panwala through Some Family Friends. Now they Both Mutually Decided to trade in stockmarket under Some personal Shareing Basis . So for This Mr.Panvala issued a Check For 65000 Rupees , As Mr.panwala Didn’t have a trading account opend . My Friend got the Check Discounted by taking Cash From Alliance Finance Corporation , Mr.Jayesh Started trading in his personal account with a registerd broker .Now the account was in profits & they were Also using the Funding Facility given By stockbrokers So on deposit of 1.5 lac he was holding shares for amount of almost 4 lacs in the account . Now One Fine Day mr.Panwala Said he wants Some money back and close things . So Mr.jayesh my friend issused Him a Check for 77684 Rupees without Writing the Date on it and informed mr.panwala that the shares will have to be Sold first than he will get the money back in his personal account in few Days and mr.panwala can Deposit the check . Next trading the markets open down too low and my friend Called him up informing mr.panwala that shares will get sold at very Lower Rate and they mutually decided that they would hold the shares and My Friend Informed Mr.panwala that not to deposit the check . as Everything was going on fine and the relations were good he didn’t take the check back . In the following Days the Stockmarket Started going lower & lower . Now they got into Debit account . as they were holding shares worth 4 lacs they now become almost 1.5 lac . Loss of 2.5 lac . So my Friend asked Mr.panwala to pay his part of loss to him back . in the mean While my friend had to pay the money to broker for the losses and same time he cleared all dues with main broker . Meanwhile as the Losses were Increasing he was left with no money and has used his credit Card mean while to pay dues and than he got defaulted on credit card payments and bank Closed his Saving account which was interlinked to Credit Card
Note: the Bank Closed His account . While all this time he was demanding Money from mr.panwala so he could come of all this . Slowly the relations started getting bad and Mr. panwala subbimitted his check in the bank with got Returned with Stamp Closed Account . When My friend Relaised Same he got angry on mr.panwala and informed every in the group that mr.panwala Did like this and cant be trusted anymore . Same time he was using pressure on mr.panwala to pay him the loss amount and had many heated arguments with him over phones
So to Make things worse after 4 Months mr.Panwala Deposited Same check again and the next Day First Send a notice to My friend under section138 to repay the amount . My friend approached a lawyer Who told Him that as mr.panwala has never given a Check Under your name to you . He cannot Legally prove that he has given you money and claim will on bounce will not stand up in court as he cant prove he has paid you money
So my friend Didn’t look into the situation much and Nor Did lawyer Reply to that Notice
Later on Few Days later my Friend got a Call From police Station that he is been called for Some investigation for a complaint Filled by mr.panwala for non payment of dues and the check has got retuned with Stamp closed Account which is Cheating
So Now a Complete Case has been Filled with Story that Mr.panwala gave him a check For rupees 50,000 in Hand which he intentionally Deposited in third party Name and took Cash From third party . Used the money for personal Expernsed and when he mr.panwala Asked For the money back . he Cheated him by using a Check From closed bank Account which is Fraud and Cheating
So Cases Under section 420 & 506 have Been Filled against Him and Polic
Sarvesh Kumar Sharma Advocate
(Expert) 26 July 2009
no way to file sec.420 ipc when specific act hasbeen given in negotiable instrument act. i.e-138 .inthe matter of cheque bouncing.
you can go to highcourt for this there some ruling is also that i will try my best to collect them and send you.
the 506 ipc is not correct purheps that will be 406 ipc that means breach of criminl trust.
now if they file fir against yr friend U/s-420,406 ipc then go to the highcourt u/s-482 cr.p.c.there remedy is waiting for you.
and if file u/s-138 n.i.act then face the court and say every thing clearly in your written statment,before the court.
nagarajakapoor., 09885060620
(Expert) 26 July 2009
I regret to inform u that your friend lost his chances to escape from the clutches. First he was neglected to made all transactions as recorded next he was failed to give a complaint in any nearest PS for loss of his check which has been given to complainant, when he came to know that the complainant is trying to raise a case agains him.The accused has to be faced trial atleast as he was negligently involved in criminal consequencies. He can seek the experts evidence to decide the age of check issuance basing on written words while issuing it and verifying the age of date mentioned on it while submitting the same. So wish u good luck.
Nagarajakapoor
Advocate
High Court of Andhra Pradesh
A. A. JOSE
(Expert) 26 July 2009
First of I sympathise with your friend for his unfortunate fate. But this is being a regular feature observed in such instances where little carelessness and over confidence in transactions with friends and near ones sometimes turn to be nightmares for a life time. Your friend should have been little wise to have proper record of his dealings with his friend especially in case of financial dealings. Further, when he got a legal notice, atleast he should have sent a proper reply explaining all the facts. Now that the remedy is to properly defend him in the trial court. As rightly advised herein above by other experts, he can also think of moving the High Court under s.482 cr.pc after consulting a good local lawyer.
Rajesh
(Querist) 26 July 2009
Sir Can some Explain me in Layman terms what is S.482 Cr.pc
