This case is registered against the accused for the
offence punishable U/s 138 of Negotiable Instruments
Act.
2. Factual matrix of the complainant’s case is as
under:
The complainant known the accused from 15 years.
The accused is in the business of Pharmaceuticals
Distributor running in the name and style of M/s
Anugraha Pharmaceuticals. The accused had approached
the complainant for a hand loan of Rs.25,00,000/- in the
month of May 2013 to invest in his business and promised
to return the said amount within December 2015 with
nominal bank interest. Considering the same, the
complainant had lent loan of Rs.23,00,000/- between
13.05.2013 to 22.05.2013 through cheques to invest in his
business. Within a month, the accused has repaid a sum
of Rs.4,00,000/- by way of cash and executed on demand
promissory note and consideration receipt dated
12.06.2013 for remaining amount of Rs.19,00,000/-. He
assured to repay it within 31.12.2015. However, the
accused has not repaid the amount as agreed. After
repeated requests made by the complainant to repay the
amount, the accused has issued cheque bearing
No.279362 dated 23.03.2016 for Rs.19,00,000/-, drawn on
Canara Bank, Hanumanthanagar Branch, Bangalore in
favour of the complainant. When it was presented to the
bank, the said cheque got dishonoured for the reason
‘Funds insufficient’ vide memo dated 30.03.2016. The
complainant got issued legal notice on 23.04.2016
demanding the accused to make payment of cheque
amount within 15 days and it has been served on the
accused on 25.04.2016. But, the accused has given false
reply on 04.05.2016 and not repaid the amount. Hence
the complainant has constrained to file the present
complaint.
