S. MURALIDHAR, J.

1. These petitions under Sections 482 CrPC seek the quashing of FIR No. 972 of 1998 registered at Police Station Connaught Place under Sections 406/409/420/120B IPC and the criminal proceedings emanating therefrom.

2. The FIR in question narrates that a complaint was received from one Dr. Rakesh Oberoi seeking appropriate action against K.M. Capital Limited (the Company) and its Managing Director Shri Kuldeep Mansukhani. The complaint was that the Company had failed to repay fixed deposits made by the complainant and others with it on maturity. The cheques issued by the said company for repayment of the deposits were dishonoured upon presentation to the bank for payment.

3. The investigation by the police resulted in the filing of a chargesheet on 20th April 2000. The specific averments in the chargesheet relevant for the present petitions, filed by three of the persons who are stated to have been Directors of the Company, read as under: During the course of investigation, the complaints of the investors of K.M. Capital Limited continued to pour in the Economic Offences Wing of Crime Branch. From the scrutiny of 39 complaints received so far, it has been revealed that the company has collected Rs.79,78,000/-from them. The investigation of the case has revealed that the accused Kuldeep Mansukhani, Chairman-cum-Managing Director, accused mentioned in Col. No. 3, as well as other Directors viz. 1. Zile Singh, S/o Shri Sadhu Ram, R/o 1669, National Highway No. 4, Faridabad, Permanent Add. Village Sheikhpura, District Karnal, Haryana; 2. Anup Kumar, S/o Shri Dharma Nand, R/o B-402, Meera Bagh, New Delhi; 3. Ashok Sikka, S/o Shri R.D.Sikka, R/o F-16, Mansarovar Garden, Kirti Nagar, New Delhi; 4. Amrit Lal Anand, S/o Dianat Rai Malik, R/o H-11, Lajpat Nagar-III, New Delhi; 5. Sunita Mansukhani, W/o Kuldeep Mansukhani, R/o H. No. D-2999, Nirman Vihar, Preet Vihar, New Delhi-92; and 6. V.. Pan dya S/o Shri Hari Lal, R/o Flat No. 11, Orien Apartments, 29A Lalubhai Park, Andheri (W), Mumbai (mentioned in Col. No. 4) of K.M. Capital Limited, issued advertisements in various newspapers and invited deposits from the public by offering them high rate of interest under various schemes of the company viz. Cumulative Fixed Deposit Scheme, Money Multiplier Scheme, Non Cumulative Fixed Deposit Scheme and Special Non Cumulative Fixed Deposit Scheme. The interest promised by the company range from 15% to 24%. The company collected deposits from the public and issued post dated cheques, which were later on dishonoured by the bankers of the company due to insufficient funds. During the course of investigation, number of bank accounts of K.M. Capital Limited were detected and it was found that the accused company has opened accounts in various banks in its name, viz. A/c. No. 7 in Tha Lakshmi Vilas Bank Limited, Janpath; A/c Nos. 014/40/45491 and 522-0-506530-5 in Standard Chartered Bank, Parliament Street, New Delhi; A/c No. 692 in Central Bank of India, Sukhdev Vihar Branch New Delhi; A/C No. 5355 in Punjab National Bank, ECE House, Connaught Place, New Delhi; and A/c. No. 413 in Vijaya Bank, Barakhamba Road, New Delhi. The deposits collected from the investors were credited in these accounts of the company and the company issued post dated cheques from these accounts. The accused Kuldeep Mansukhani and other Directors of the company, viz Sunita Mansukhani and Zile Singh, opened individual bank A/c. No. 014/17/29716 in the name of Kuldeep Mansukhani in Standard Chartered Bank, Parliament Street, new Delhi; A/c. No. 2545 in the name of Sunita Mansukhani and Zile Singh; HSS A/c. No. 2193 in the name of Sunita Mansukhani and A/c. No. 794 in the name of Kuldeep Mansukhani in Central Bank of India, Sukhdev Vihar Branch, New Delhi; Joint A/c. No. 9620 in the joint names of Kuldeep Mansukhani and Rajlakshmi @ Sunita Mansukhani in Punjab National Bank, ECE House, Connaught Place, New Delhi; A/c. No. 61/14219 in the name of Kuldeep