Dubagunta Subrahmanyam, J.—The background facts for Criminal Petition No. 1698 of 2001 and Criminal R.C. No. 761 of 2001 are same. Therefore, both the petitions are being disposed of by a common Order.

2. M. Chandrasekhara Rao (herein-after referred to as ‘complainant’) subscribed to various chits run by V. Kutumba Rao (hereinafter to be referred as ‘accused’) in the name of Swapana Priya Chits & Finance Private Limited. Accused was running it benami in the name of his brother V. Satyanarayana as Executive Director and Sri G.S. Reddy as Managing Director. Complainant subscribed various amounts to various chits. In all the accused became liable to pay Rs. 60,00,000.00 to the complainant. He executed two promissory notes dated 15-8-1998 for Rs. 3,00,000.00 each in favour of the complainant promising to repay those amounts with interest at 24% per annum. Subsequently the accused issued five post-dated cheques for a total sum of Rs. 1,86,750.00 to the complainant. Complainant deposited those cheques in his bank on 8-9-1999 for realization. All those cheques were returned unpaid by the bank of the accused with a memo dated 9-9-1999 with an endorsement of “insufficient funds”. Therea