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against the Accused for the offences punishable
under Section 406, 420, 506 r/w Section 34 of IPC,
for the offences punishable under Section 4 and 75
of Chit Funds Act, 1982 and also for the offence
punishable under Section 9 of Karnataka Protection
of Interest of Depositors in Financial Establishments
Act.
2. The case of the prosecution as could be
borne out from the records is that, the deceased
Accused no.3 by name Sukumar s/o Late
Pachhanna with intention to cheat was running chit
business without obtaining license from the
competent authority under the name and style
“Adinatha Enterprises” at 3rd Block, 2nd Cross,
No.12/20 of Thyagarajanagara and collected a sum
of Rs 60,00,000 (Rupees Sixty Lakhs) from CW1 to
CW44 and other subscribers. It is the also the case of
the prosecution that after the death of Sukumar on
1/8/2015, the Accused no.1 being his son and
Accused no.2 being daughter – in-law of the deceased
continued the said business and with an intention to
cheat have collected the last two installments from
the CW.1 to CW.44 and other subscribers and have
not returned the chit amount after maturity
amounting to Rs.60,00,000/-. It is also the case of
the prosecution that when subscribers demanded
their chit amount, the Accused no.1 and 2 postponed
the same and threatened with dire consequences, if
the chit amount is demanded back and thereby
committed the aforesaid offences.
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