IMPORTANT POINT
The court established that the inherent power to quash FIRs under Section 482 Cr.P.C. should be exercised cautiously and only in rare cases where no cognizable offence is disclosed.

ORDER :

Prem Narayan Singh, J.

The applicants have filed the present petition under section 482 of the Code of Criminal Procedure, 1973 seeking quashment of FIR bearing Crime No. 422/2023 registered at Police Station-Kotwali District Dhar for the offence under sections 420, 406, 409 read with 34 of the Indian Penal Code, 1860 (hereinafter referred to as “IPC”) and section 6(1) of the M.P. Nikshepako Ke Hiton Ka Sanrakshan Adhiniyam, 2000 (hereinafter referred to as “Adhiniyam, 2000”) and all further proceedings.

2. As per prosecution case, the respondent No. 2/complainant has lodged a written complaint at Police Station Kotwali District Dhar against the applicants along with four other persons that they formed a chit fund company and obtained deposits from the depositors. In the meeting held at Shradha Garden, Dhar, co-accused Ritesh Panchal, Director of the Company along with co-accused Pankaj Solanki, Local Manager of the company explained the investment plan of the company. The said company offered huge profit on the investment. In its regular course of business of the company through its employees and workers contacted the public and made them believe that if they invest money in the scheme of company, they will be able to get three times profit of the invested money within nine months.

3. In course of that, the complainants have deposited money to the bank account of the said company. However, they have not returned their money as they were assured. Ritesh Panchal, Director of the company executed a written agreement for returning the principal amount with some benefits on 6-8-2023 and further they have also sent whatsapp message in this regard. All five directors are connected with the conference calling who have obtained the money but ultimately, they have denied it. Hence, the present FIR has been lodged against them.

4. Learned counsel for the applicants has submitted that Ritesh Panchal is Director of the company while Pankaj Solanki is Local Manager of the company. The applicants have no concern with the company. There is no prima facie case against them and no legally admissible evidence against them. They are only IT professionals supplying software to the clients. Under these circumstances, this criminal case in the Court will be a futile exercise and mere wastage of precious time of the Court. There is no chance of conviction of the applicant. Hence, counsel for applicants made request before this Court for quashing the FIR and all further proceedings in this regard by exercising the power enshrined under section 482 of Cr.P.C.

5. Learned counsel for the respondent as well as Government Advocate have opposed the contentions of the applicants and submitted that the complainants have deposited money of Rs. 10,00,000/- from the hard-earned income in the scheme of S M Trade Company in the year 2021, but they have not been returned the money with profit. The applicants are also two Directors of the company out of five Directors. Till now, neither the applicants have surrendered before the Court nor tried to cooperate with the criminal proceedings. Counsel for the respondent has also submitted some copies of the FIRs and an FIR bearing Crime No. 304/2023 dated 13-5-2023, names of the applicants Vishal and Shubham have been mentioned as accused. Therefore, the prayer for quashing the FIR and all further proceedings made by the applicants is liable to be dismissed.

6. In view of the aforesaid submissions, I have gone through the statements recorded under sections 161 of Cr.P.C. of Vinod, Akhilesh, Roshan, Mahima, Anita, Praveen Kumar, Mohammadi, Suresh, Dharmendra, Sudhir, Vijay Patel, Deep Patel, Rajesh Joshi, Rajkumar, Nilesh Patel, Rajesh, Devendra, Hanif, Ravi, Charanjeet, Triloksingh and Aman and record available herewith and found that all of these witnesses have made allegation against both of the applicants Shubham and Vishal. As per statements of these witnesses, they have tempted the investors to invest the money. As