THE HON’BLE SMT.JUSTICE TIRUMALA DEVI EADA

ORDER:

This Criminal Petition is filed by the petitioner-accused seeking to quash the proceedings in FIR No.174 of 2024 on the file of Kodad Town Police Station, Suryapet District, for the offences under Section 420 IPC and Section 5 of the Telangana Protection of Depositors of Financial Establishments Act, 1999 (hereinafter referred as ‘TSPDFE Act’).

2. Heard Sri Ravulapati Sreenivasa Rao, learned counsel for the petitioner and Sri Jithender Rao Veeramalla, learned Additional Public Prosecutor for the respondent No.1-State.

3. Learned counsel for the petitioner has submitted that the present case is registered under Section 420 IPC and Section 5 of the TSPDFE Act and that the said Act does not get attracted to the present case. The contention of the learned counsel for the petitioner is that a chit fund transaction does not amount to collection of deposit and thus, the provisions under the Depositors Act do not get attracted. Therefore, registration of the crime under the said Act would be an abuse of process of law. If that offence is set aside, then the other allegation under Section 420 IPC also do not get attracted against the petitione