This case is arising out of a private complaint filed by
the complainant against accused No.1 and 2 alleging
commission of the offense punishable U/Sec.138 of the N.I
Act.
2. The brief facts of the complainant case in a nutshell
that, accused No.1 and 2 are running Jaggery business
under the name and style as ‘Sai Maaduri Traders’, the
complainant and accused No.2 are close friends. It is further
stated that both the accused have approached him and
requested for a hand loan of Rs.20,00,000/- in order to
expand their business in a large scale and also assured that
after setting up the said business they will takes the
complainant as business partner. It is further stated that
both the accused explained about their financial difficulties
and other domestic problems and further based upon the
assurances made by them and the complainant has issued
hand loan of Rs.18,50,000/- during the month of July and
August 2020, out of his savings and also taken from his
friends and relatives on interest, Rs.15,00,000/- paid by
online and Rs.3,50,000/- by way of cash to the accused
No.1 and 2 both of them agreed to return the same with the
accrued interest within a short period. Further when the
complainant requested to return the said money, the
accused have answered in vague, not responsive, finally they
have issued post dated cheques along with an undertaking
letter for different dates between 18-06-2021 to 18-07-2021
for a sum of Rs.10,00,000/- and Rs.3,60,000/-. It is further
stated that as per the request of the accused the
complainant presented the cheque bearing No.000130
dtd:29-07-2021 for Rs.2,50,000/- drawn on Andhra Bank,
Greamspet Branch, Chittoor, Andhra Pradesh on 29-09-
2021 through his Bankers IDFC First Bank Ltd., Bangalore
and the said cheque was dishonoured with a reasons that
‘Funds Insufficient’ on 30-09-2021. Finally the complainant
got issued a legal notice on 18-10-2021 by way of RPAD to
the accused persons, though the said notice was returned
on 29-10-2021 with an endorsement ‘Door Locked’. Despite
of issuance of notice, complainant did not receive the
payment under the returned unpaid cheque and aggrieved
thereby filed a complaint before this Court.