The main legal point established is the necessity of thorough investigation to determine fraudulent and dishonest intention in cases of financial disputes.

JUDGMENT

Subhasis Dasgupta, J. - This is for quashing of a proceeding in connection with G.R. Case No. 6166 of 2020, pending before the court of learned Additional Chief Judicial Magistrate, Barrackpore relatable to Khardah Police Station Case No. 565 of 2020 dated 15.10.2020, under Sections 420/406/120B of the Indian Penal Code.

2. The aforementioned case came to be registered at the police station on the strength of an order under Section 156(3) Cr.P.C., passed by learned ACJM, Barrackpore, following receipt of a complaint for and on behalf of Rashi Merchantiles Pvt. Ltd. (hereinafter referred to as RMPL).

3. RMPL being engaged in the business of Corporate Depositor, on the presentation of petitioner with other carrying then a trade of auto car dealership of Maruti Suzuki, advanced a loan of Rs. 50,00,000/- (Rupees Fifty Lakh) in the form of inter-corporate deposit, on 18th March, 2020, to the petitioner being one of the Directors of Premier Car World Pvt. Ltd. for a period of 90 days bearing an interest of 10% per annum to overcome the stringent financial condition, faced by the borrower/Premier Car World Pvt. Ltd.

4. Believing the assurance, the complainant creditor advanced such huge amount as inter-corporate deposit that the such amount taken as loan would be liquidated after the expiry of stipulated period of time.

5. Such amount of inter-corporate deposit was encashed by the petitioner/accused, who also had issued a post dated cheque of Rs. 50 Lakh to the complainant creditor, as a collateral security.

6. Since the petitioner being beneficiary of inter-corporate deposit deliberately declined to return the money, taken as loan after the lapse of stipulated period of time of 90 days, on being requested by the petitioner/accused person, the complainant creditor deposited the post dated cheque, given by loanee petitioner/accused person, to its banker on 16th June, 2020, which was dishonoured by the bank upon receiving stop payment instruction from the beneficiary/loanee/petitioner accused person.

7. The accused person along with other accused persons in connivance with each other induced the complainant creditor by presenting false promises and assurances to part with huge amount of money with a culpable intention of causing wrongful gain to themselves and ultimately embezzled the money to the tune of Rs. 50 Lakh.

8. Ultimately, the case is at the investigation stage, and upon noticing corporate financial fraud involving high value cheating, the investigation of this case was assumed by the Criminal Investigation Department, West Bengal on 22.10.20. This is all about the crux of contention raised against the petitioner/revisionist.

9. Mr. Sabyasachi Banerjee, learned advocate representing the petitioner, submitted that it would be very difficult to infer any fraudulent or dishonest intention, since beginning the transaction, from the conduct of petitioner with others that the inter-corporat deposit had been taken with an ulterior purpose and without fraudulent or dishonest intention on the part of petitioner, the alleged offence would be incomplete. Mr. Banerjee never disputed with amount, said to have been advanced to the petitioner/accused, as an inter-corporate deposit.

10. Referring some of the bank statements annexed with the instant revisional application, Mr. Banerjee frankly submitted that the petitioner had even deposited interest more than once to the creditor/de-facto complainant company against such inter-corporate deposit in his favour. According to Mr. Banerjee, it was due to the onset and impact of COVID-19, the petitioner committed failure without any deliberate intention to honour the agreement by liquidating the amount within the stipulated period of time. Mr. Banerjee described the pending prosecution to be nothing, but an attempt to pressurize the petitioner for coming to terms with the complainant creditor, so that the money lent out could be quickly recovered upon exercising arms twisting method.

11. R