IMPORTANT POINT
The prosecution at its inception cannot form the basis of any decision regarding the commission of the offense, and expeditious trial of a criminal case is crucial.

JUDGMENT :

Heard Mr. Prashant Pallava, the learned counsel appearing on behalf of the petitioner and Md. Asghar, the learned counsel appearing on behalf of the respondent State.

2. This petition has been filed for quashing of the order dated 06.07.2018 passed in G.R. Case No.501 of 2014 in connection with Dumka Nagar P.S.Case No.98 of 2014 dated 11.4.2014, pending before the learned Chief Judicial Magistrate, Dumka. The prayer is also made for quashing of the entire criminal proceeding arising out of the said P.S.Case.

3. The F.I.R. has been registered alleging therein that the case of the Respondent No. 2 as alleged in the F.I.R. bearing Dumka Nagar P.S. Case No. 98 of 2014 dated 11th of April 2014 is as under:-

a. That F.I.R. bearing Dumka Nagar P.S. Case No. 98 of2014 dated 11th of April 2014 was registered against the Petitioner under Section 409, 420, 120B and 177 of the Indian Penal Code. The case of the Respondent No. 2 is that the Managing Director of the Dumka Central Co-Operative Bank Limited, Dumka (during the period from 27th of June 2005 till 1st of July 2008) had misinformed the Bank and on the basis of that the Bank invested in U.T.I. through the agent of U.T.I., partner of Great India Insurance Service. It is alleged that the Bank had invested through the agent of U.T.I. Rs.3,00,00,000/- (INR Three Crores Only) on 24th of December 2007 and Rs. 3,50,00,000/- (INR Three Crores and Fifty Lakhs Only) on 9th of March 2008 in U.T.I. Infrastructure Fund and U.T.I. Long Term Advantage Fund respectively. Altogether Rs.6,50,00,000/- (INR Six Crores Fifty Lakhs Only) was invested for which the agent of U.T.I. had received a commission of Rs. 36,77,748.48/- (INR Thirty Six Lakhs Seventy Seven Thousand Seven Hundred and Forty Eight and Forty Eight Paise Only) as commission. It is further alleged that because of the said investment the Bank suffered a loss of Rs. 1,10,73,964/- (One Crore Ten Lakhs Seventy Three Thousand Nine Hundred and Sixty Four Only). The Informant alleged that in the departmental enquiry against the Managing Director, the authorities recommended that F.I.R. be lodged against him. It was alleged that the investment would have been made in fixed deposit the same would have yielded better profit. In view of the said facts, FIR was lodged against the distributor of the UTI i.e. the petitioner.

b. That pursuant to the investigation, Chargesheet was submitted on 21.2.2015 against the petitioner under section 409, 420, 120B and 177 of the IPC.

c. That the learned court of Chief Judicial Magistrate, Dumka vide order dated 7.5.2015 was pleased to take cognizance against the petitioner under section 409, 420, 120B and 177 of the IPC.

4. Mr. Pallava, the learned counsel appearing on behalf of the petitioner submits that pursuant to that F.I.R and investigation, the charge sheet has been submitted on 21.02.2015 against the petitioner under section 409, 420, 120B, 177 of the IPC. He submits that the learned court has been pleased to take cognizance against the petitioner by order dated 07.05.2015. He further submits that the petitioner is a partner of Great India Insurance Services which was registered in April, 2004 and he was the authorized distributor of U.T.I. By way of placing the contents of the FIR, he submits that Dumka Central Cooperative Bank has decided to invest the amount of Rs.3 crores and Rs.3.50 crores, respectively in two schemes of the U.T.I and the allegation if any is made out against one Syed Hafizul Hassan, the then managing director of the said bank. He submits that the petitioner is only acted as agent of the U.T.I. and in view of that, no criminality is made out against the petitioner. On this ground, he submits that the entire criminal proceeding may kindly be quashed. He further submits that in view of U.T.I Infrastructure Advantage Fund Series –I and in view of Clause-F of Clause-6 the bank including a scheduled bank, regional rural bank and cooperative bank are entitled to invest in the Advanta