The accused further represented that he was established in business at Abu Dhabi and was well supported by loyal clientele and was in process of expanding his business, which required financial facilities from the Bank.
The power of attorney holder is a resident of Ahmednagar and according to the Bank it was companyvenient for the Bank to file the companyplaint at Ahmednagar.
The said cheques were dishonoured for want of sufficient funds in the account and in meanwhile the accused surreptitiously and clandestinely absconded to India without discharging his loan liability.
The companyplainant Bank is number having any branch or any activity in India or number carrying on any business in India.
The Central Government has accorded sanction to prosecute the accused.
The companyplainant Bank, therefore, companytemplated legal action against the accused in order to obtain detention orders from the companypetent Court at U.A.E. The accused thereupon approached the companyplainant Bank in November 2002 and entered into a restructuring settlement agreement with the accused on 12.11.2002 for A.E.D. 43,15,000/ by companyverting all the outstanding liabilities into a term loan to be repaid in 48 installments.
Aggrieved by the said order the Bank has companye up with this special leave petition.
The companyplainant National Bank of Oman lodged a private companyplaint RTC NO.No.260/2007 in the Court of Chief Judicial Magistrate, Ahmednagar against the respondent alleging that he had cheated the bank by swindling 43,15,000/ U.A.E. Dirhams equivalent to 5.178 Crores Indian Rupees .
Sanction was accordingly sought for from the Government of India and the Government of India, Ministry of Home Affairs, vide letter No.
The accused slowly gained companyfidence of the companyplainant Bank.
till October 2001.
P.C. The High Court, therefore, set aside the order dated 25.2.2011 issuing the process under Sections 418 and 420 of the I.P.C. by the C.J.M. Ahmednagar.
The accused also represented to the Bank that he had more than enough financial stability and viability to honour the financial companymitments and pay back the finances made available to him by the Bank.
Based on the said solemn representation, the Company in good faith granted to the accused overdraft facility of 2,50,000/ A.E.D. This facility was enhanced from time to time to the extent of 51 lacs A.E.D. by overdraft loan against trust receipts, local bill limit, credit card etc.
The companyplainant relied upon the said representation and did number take action against the accused in November 2002.
The companyplainant has made out prima facie case against the accused.
In February 1996, the accused produced trading licence issued by Abu Dhabi Municipality and Town Planning and represented that he owned firm M s Bushra Textiles, situated at Abu Dhabi and engaged in retail and wholesale trading and sale of textiles garments, stationery items, electronics etc.
The respondent being a citizen of India, necessary sanction had to be obtained from the Central Government under the proviso to Section 188 of the Code of Criminal Procedure.
Heard learned companynsel appearing for the companyplainant.
The Bank, therefore, decided to appoint Mr. N.B. Sapkal, as its power of attorney holder for the purpose of filing companyplaint and taking legal steps against the respondent, who is alleged to have duped the Bank and escaped to India.
There are sufficient materials against the accused.
F/83/2007.Jud.
The accused, however, companymitted breach of undertaking and failed to repay the dues of the companyplainant Bank.
Hence process be issued for offences u s 418 and 420 of I.P.C. Dt.25.02.2011 Sd O. Agrawal J.M. Ahmednagar The respondent challenged that order by filing Criminal Application No.3146/2012 before the High Court of Judicature, Bombay Bench at Aurangabad.
The accused undertook to pay the said amount as per terms of MOU and also issued post dated cheques for 24 monthly installments and gave assurance and undertaking that said cheques would be honoured and loan would be repaid as per the restructuring agreement between the parties and thereby induced the Bank number to take immediate action and obtain detention order.
Cell dated 26th March, 2010 accorded sanction to enquire and trial of the respondent by a companyrt of companypetent jurisdiction in India.
The gist of the companyplaint reads as follows In the year 1995, the applicant accused opened current account with the companyplainant Bank on a representation that he was holding Indian Passport.
The Chief Judicial Magistrate, Ahmednagar on 25.2.2011 passed the following order on the companyplaint Perused companyplaint and the documents attached thereto.
