JUDGMENT

B.A.Patil, J. - This petition is filed by accused Nos.1 to 5 under Section 482 of Cr.P.C. praying to quash the entire proceedings in Crime No.7219/2020, pending on the file of I Additional Chief Metropolitan Magistrate, Bengaluru, arising out of Crime No.6/2020 of Cyber Crime Police Station (CID) for the offences punishable under Sections 403, 406, 408, 426, 120B r/w.34 of IPC and Sections 66 and 72 of Information Technology Act, 2000.

2. I have heard Sri Uday Holla, learned Senior Counsel on behalf of Sri Smaran Shetty for the petitioners-accused No.1 to 5, Sri C.V.Nagesh, learned Senior Counsel on behalf of Smt. Chinmayi Mirji, for respondent No.2-complainant virtually and Sri H.R.Showri, learned HCGP for respondent No.1-State

3. Though this case is listed for orders, with the consent of both parties, the same is taken up for final disposal.

4. Brief facts of the case are that the complainant Acko General Insurance Limited is a Company incorporated under the provisions of the Companies Act, 2013. It is wholly owned by subsidiary of Acko Technology and Services Private Limited (Acko Tech). It is further alleged Acko GI is engaged in the business of manufacturing and selling insurance and is an entity licensed by Insurance Regulatory and Development Authority of India. Acko GI was founded in the year 2016 and has invested more than 800 Crores of rupees and within two years of its establishment, is able to develop unique developed complex actuarial and data science models which predicts various key metrics across sectors like travel, health, mobile, commerce. It has also developed very sensitive information including list of clients, business models, business strategy and other trade secrets. All these data and formulae form part of confidential information of Acko Group. It is further alleged that confidential information is proprietary information of Acko Group exclusively owned by it.

5. It is further alleged that the petitioner No.1- accused No.1 joined Acko GI as its full time employee in the position of Actuarial Associate on 17.3.2017. Later he resigned and started his own firm and had entered into consultant agreements dated 1.8.2018 and 1.4.2019 with Acko Group. It is further alleged that he was working on various projects and advising Acko Group. Subsequently, accused No.2-petitioner No.2 was employed as Vice- President of New Business and Partnerships at Acko Group on 4.9.2017. They have signed corporate governance document in relation to code of conduct, antifraud and information and data security policies of Acko Group. Accused No.1 is bound by Clause-6 of the agreement about the confidential information and nondisclosure of confidential information. Accused No.2 is also bound by the said agreement to maintain confidentiality and non-compete clause under Agreement No.2. It is further alleged that accused Nos.1 and 2 during their tenure with Acko Group were entrusted with confidential information which they had to use exclusively for the benefit of Acko Group and were bound not to disclose such information to any person or third partycompany. Under such circumstances, accused Nos.1 and 2 in collusion with one Mr.Bhagwati Prasad Agarwal and Ms.Uma Agarwal Mrs.Sunita Poddar, wife of accused No.1 hatched a criminal conspiracy to cheat and fraud Acko Group to steal the confidential information and start their own competitive business by using confidential information taken from Acko Group. The said information has been stolen during their course of engagement and employment. It is further alleged that accused No.1 through his parents and wife has set up a competitor company under the name "Onsurity Services Private Limited incorporated on 15.5.2019 when he was working with Acko Group. It is further alleged that accused Nos.1 and 2 fraudulently disclosed the confidential information stolen by them to Onsurity Services Private Limited to make illegal financial gain.

6. It is further alleged that accused No.1 had t