Shib Sadhan Sadhu, J.

1. This petition under Section 401 read with Section 482 of the Code of Criminal Procedure, 1973 (hereinafter referred to as Cr.P.C. for the sake of brevity) has been filed by the petitioners praying for quashment of the proceedings being G.R. Case No.645 of 2008 arising out of Hare Street P.S. Case No.119 dated 10th March, 2008 under Sections 420/120B of the Indian Penal Code pending before the Court of Learned Metropolitan Magistrate, 5th Court, Calcutta.

2. A Written Complaint was lodged by the complainant Kirit Kumar Shah (O.P. No.2 herein) against the present petitioners on 07.09.2007 for the offence punishable under Sections 420/120B IPC and Section 29 of the SERFAESI Act, 2002 in the Court of Learned Chief Judicial Magistrate, Alipore, South 24-Parganas under Section 156(3) of the Cr.P.C. That complaint was sent to the O.C., Bhowanipur P.S. for investigation and on receipt of that complaint Bhowanipur P.S. Case No.287 dated 01.11.2007 under Section 420/120B IPC and Section 29 of the SERFAESI Act, 2002 was registered and investigation was taken up. During investigation it transpired that all the transactions were held under the jurisdiction of