This Criminal Petition under Section 482 Cr.P.C. is filed to quash the proceedings in C.C.No.224 of 2008 on the file of the XII Additional Chief Metropolitan Magistrate, Hyderabad, which was taken cognizance of the offence punishable under Section 420 IPC.

2. Brief facts, that are necessary for disposal of the present petition may be stated as follows: The 2nd respondent herein, who is the complainant filed the complaint against the petitioner-accused alleging that the accused introduced himself as Director of M/s Jewargi Power Private Limited, Bangalore (hereinafter referred to as 'J.P.P. Ltd.,") and that he is the authorized by the J.P.P. Ltd., to negotiate and finalize take over deal of the said company to transfer the project to any willing investor and made himself and his company to believe the version and furnished a copy of Memorandum of Undertaking (for short 'M.O.U.') between J.P.P. Ltd., and Government of Karnataka and offered the entire equity share capital of the said company and induced them to enter into a share purchase agreement, dated 07-03-2007 and collected an mount of Rs.1,22,53,440/- in favour of Indian Power International Limited and three more post dated cheques for Rs.8,54,000/- each. Later the accused did not comply the conditions of the share purchase agreement and started dodging the issue. On suspicion, the complainant made enquiries and came to know that M.O.U. between J.P.P. Ltd., and Government of Karnataka has expired and the same has to be approved by the High Level Cabinet Committee and the same will not be renewed automatically as promised by the accused and the said company did not acquire any land or properties to establish such project. On the instructions of the complainant company to transfer the shares of J.P.P. Ltd., the accused was dodging. The said complaint was referred to Panjagutta Police Station for investigation. Police registered a case in Cr.No.143 of 2007 under Sections 389, 415, 420 and 506 IPC. After completion of investigation, police filed charge sheet. On the same day, the complainant lodged another complaint before the XIV Additional Chief Metropolitan Magistrate, Hyderabad stating that the accused induced the complainant company to enter into Investment Agreement with M/s Power Ventures for an investment of Rs.25,00,00,000/- for the take over of a power project in a phased manner. The accused has subsequently approached the complainant company and pressed for early payment of funds. Trusting and believing the said accused, the complainant company in good faith and pending completion of the legal due diligence, issued a cheque for Rs.4,13,46,560/- and issued three post dated cheques for Rs.3,24,78,993/- each with a condition to furnish the documents pertaining to the formation, Registrar of Companies and other statutory books and records of M/s Power Ventures Ltd., within 20 days of the execution of the agreement. But the accused has not provided the documents required by the complainant. Further the Pan number of the Income Tax submitted by the accused belonging to M/s ESL Wind Power Limited, which is erstwhile name of the complainant company. The said fact has been knowingly and deliberately concealed by the accused. Therefore, the complainant company issued legal notice to the accused to return an amount of Rs.4,13,46,560/- and advised the accused not to present the three post dated cheques issued in favour of the companies. But the accused, however, continues to illegally possess the above three cheques till date. Thereafter, the complainant company intimated the Bank not to honour the cheques. Therefore, the Bank dishonoured the cheques. Then the accused issued a notice under Section 138 of the Negotiable Instruments Act, 1881 to the complainant and its Directors. The act of the accused is in attempt to pressurize and intimidate the complainant with false legal proceedings solely for an intention to cover up and cast shadow his illegal and nefarious acts. Th