The petitioners, who are the partners of M/s.JAK Communications Pvt., Ltd., are the accused A2 & A3 in a case in RC MA 1 2008 A 0034 on the file of the respondent police, for an offence punishable under Sections 120-B r/w 420, 468, 468 r/w 471 IPC and under section 13(2) r/w 13(1)(d) of the Prevention of Corruption Act.

2. The case of the prosecution is that the petitioners borrowed Rs.11.90 crores from the Indian Overseas Bank, Mogappair Branch, in which A1 is the branch manager. For obtaining the loan original title deeds of several properties were deposited with the Bank as security. On the basis of source information, a case has been registered against the accused on the allegation that the two of the documents deposited by the petitioners are forged documents and the petitioners are not owners of those properties. Pending investigation of the case, the accused were granted anticipatory bail. The investigation of the case is still pending. Under such circumstance, the present petition to quash the proceedings has been filed by the petitioners before this Court.

3. The learned senior counsel for the petitioners submits that the amount borrowed on 012. 2006 from the Indi