This Criminal Original Petition has been filed seeking to quash the FIR in Crime No.2 of 2015, pending on the file of the respondent Police. The petitioner has been shown as A-2 in the FIR.

2. The case of the prosecution is that one Mayakrishnan had remitted a total sum of Rs.1,75,000/- to the Financial Establishment run by A-1 to A-4 in a name and style of Jalagandeswarar Auto Finance. The said Mayakrishnan came to know that the accused persons have collected various amounts from different depositors and have defaulted in repaying the deposits even after maturity. Therefore, he insisted the repayment of the amount remitted by him. Since it was not repaid, he gave a complaint to the respondent Police and the respondent Police have registered an FIR against four accused persons for an offence under Section 120 b, 406, 420 IPC and Section 5 of the TNPID Act. [TNPID Act "hereinafter referred as 'the Act"]

3. The learned counsel for the petitioner primarily submitted that Section 5 of the Act will not be attracted in this case since even as per the complainant, the amount was paid by him towards a chit transaction. The learned counsel submitted that the amount remitted in a chit t