1. This is an application under section 482 of the Code of Criminal Procedure, 1973 praying for quashing the proceedings taken up against the petitioner in Complaint Case No. 04/2012, u/s 418, 420, 423 & 426 of IPC, before the Judicial Magistrate, 1st Class, Dimapur, Nagaland.

2. The brief facts leading to the filing of this petition are as follows;

That the petitioner/accused, businessmen by profession, in order to tie over his financial difficulties approach his bother-in-law i.e. the respondent/complainant to borrow some money for him from money lenders by mortgaging his property as he himself did not have any property that can be mortgaged for the purpose. Consenting to the request, his brother-in-law, the respondent/complainant by mortgaging his land and house secured for him 3(three) loans from different persons. The names of the money lenders and the amount given by them on loan are as follows; (i) Mrs. Dolly K. Ezung -Rs. 17 lakhs, (ii) Mr. Hukavi Muru-Rs. 50 lakhs and (iii) R.M. Ketouse Society –Rs. 30 lakhs. In course of time, the petitioner made repayment of some of the loan amounts but could not repay the whole loans, therefore, the money lenders particu