The appellant-complainant seeks to assail the order of acquittal dated 06.08.2003 passed by the learned II Metropolitan Magistrate, Visakhapatnam, in the private complaint case C.C.No.510 of 2001 filed by said complainant under Section 138 of the Negotiable Instruments Act (for brevity the Act).

2. The case of the complainant was that he joined as a member on 18.05.2000 in a new group No.UPGL-II of Rs.1,00,000/- payable in 40 monthly installments of Rs.2,500/- p.m. in A.1-entity under the name and style of M/s Uplands Finance and Chit Funds Private Limited and A.2 is the Managing Director of the A.1, and he was allotted ticket No.14, being paid all instalments, became successful bidder in the auction in the month of January, 2001 on forgo of Rs.29,000/-, the A.2 issued Ex.P.2 post-dated cheque bearing No.423943, dated 20.06.2001 for Rs.42,020/-on behalf of A.1, and when the complainant presented the cheque on 20.06.2001, the same was returned on 20.06.2001(Ex.P.3) dishonoured on the premise of insufficiency of funds in the account, on request of the accused, again presented on 09.07.2001 but the same was also returned on 10.07.2001(Ex.P.4) with the same reason. The Ex.P.