JUDGMENT

H B Prabhakara Sastry, J. - This Revision Petition was initially filed by the two petitioners, however, due to the death of petitioner No.1 Sri Ravindra, by the order of this Court dated 13.7.2017, the Revision Petition of the said petitioner No.1 in so far as sentence of imprisonment is concerned stood abated. The memorandum of petition was amended accordingly.

2. The summary of the case of the prosecution is that the revision petitioners were conducting the Prize Chit activity, in which, PWs.1 to 6 were members and had invested some money. The petitioners with an intention to deceive the said investors, wound up their Prize Chit activity and did not repay the investment made or subscription paid by the investors and thereby have committed an offence under Section 3, which is punishable under Section 4 of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 (hereinafter for brevity referred to as 'Prize Chits Act'), and also an offence punishable under Section 420 of Indian Penal Code, 1860 (hereinafter for brevity referred to as 'IPC').

Since the accused pleaded not guilty, the trial was held by the learned V Addl.Chief Metropolitan Magistrate, Bengaluru (her