Shivpuri, Madhya Pradesh: In a significant verdict on cheque bounce and fraud, the First Class Judicial Magistrate, Pratyaksha Kulesh, has sentenced a man to one year rigorous imprisonment and fined him ₹12.14 lakh for taking a loan of ₹10 lakh, issuing cheques, and then closing his bank account to avoid repayment.
Case Background
The accused, Prateek Khandelwal, a resident of Sadar Bazaar, Shivpuri, borrowed ₹10 lakh from Manish Agrawal on 19 August 2022 to meet personal and business expenses. As repayment, Prateek issued four cheques of ₹2 lakh, ₹3 lakh, ₹3 lakh, and ₹2 lakh.
However, when Manish Agrawal deposited these cheques in his bank, they were returned unpaid due to the closure of the accused’s bank account. Despite sending legal notices through his advocate, Gajendra Singh Yadav, Prateek failed to honor the payments, prompting Manish to file a complaint in court under Section 138 of the Negotiable Instruments Act.
Court’s Verdict
After nearly three years of legal proceedings and examination of evidence, the court found Prateek Khandelwal guilty under Section 138. He has been sentenced to one year of rigorous imprisonment and ordered to pay ₹12.14 lakh as compensation.
The court further ruled that failure to pay the compensation will result in an additional two months of imprisonment. Additionally, Prateek has been instructed to reimburse ₹36,500 towards the complainant’s legal expenses, with non-payment attracting 30 days of simple imprisonment.
This verdict sends a strong message that cheque fraud and financial deception will be dealt with strictly under the law, holding the perpetrators accountable for their actions.
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