The 2^nd respondent lodged the FIR alleging that the

petitioner and other accused who are the Directors of

Shubhadrasri Chits (Karnataka) Private Limited, induced

the 2^nd respondent to invest in the chit fund and in all

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invested a sum of Rs.5,10,000/- (Rupees Five Lakh Ten

Thousand only) and when he requested the petitioner and

other accused for returning the money invested by him,

the petitioner and other accused absconded and the

premises in which the business was carried out was locked.

It is further alleged that the said Private

Limited Company is due crores of rupees to a large

number of people. The police after investigation submitted

the chargesheet against the petitioner and other accused

for the offence punishable under Sections 406, 420, 120B

r/w 34 of IPC and Section 76 r/w 79 of Chit Funds Act,

1982 and Sections 4 and 5 of the Prize Chits and Money

Circulation Schemes (Banning) Act, 1978.

3.

The learned Magistrate after accepting the

chargesheet, took cognizance of the aforesaid offences and

issued summons to the petitioner and other accused.

Taking exception to the same, this petition is filed.

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4.

Learned counsel for the petitioner 3 accused

No.2 submits that as on