This case emanates from the charge-sheet filed
by the Police Inspector, Konanakunte Police,
Bengaluru as against the accused persons for the
offences punishable under Sections 406, 420, 504,
506 R/W 120B of IPC, for the offence punishable
under Section 4 and 76 of Chit Funds Act, and also
in respect of the offence punishable under Section 9
of Karnataka Protection of Interest of Depositors in
Financial Establishments Act (in short KPIDFE ACT)
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2. The brief facts of the prosecution case are
as under:
Accused No.1 and 2 are husband and wife and
accused no.4 and 5 are their children. Accused No.3
is the brother of accused no.1. It is the case of the
prosecution that the accused persons entered into
criminal conspiracy so as to cheat the public at large
and have started chit business in the year 2012 at
House No.65, 8th Stage, 4th Main, 4th Cross, Krishna
Nagar, J.P.Nagar 8th Stage, Bengaluru, without
obtaining license from the competent authority. It is
also alleged that though the accused persons did not
had license to run the said chit business make
believed the public that they are having license from
the competent authority to run the chit business and
under the said guise induced the charge-sheeted
witnesses and other subscribers and collected Rs.13
lakhs from CW.1 for the year 2016-17 towards two
chits of Rs.8.10 lakhs and Rs.5 lakhs respectively
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and also collected Rs.1,80,000/- from CWs. 3 to 33
towards chits of Rs.5 lakhs, Rs.8.10 lakhs and Rs. 9
lakhs respectively and also borrowed Rs.17,94,000/-