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TMI Blog2015 (8) TMI 1535X X X X Extracts X X X X X X X X Extracts X X X X ..... accounts with their branch at Miller Ganj in Ludhiana on 08.11.1986. One Manger namely A.K. Satija of IBD Cell of the New Bank of India at Ludhiana allowed advance amount worth Rs. 5.31 lakhs each to these two firms on production of Bill of Lading, GR form and other bills and those foreign bills purchased by the Bank on 27.11.1986 returned unpaid. During the enquiry made by the bank, Bill of Lading presented by the proprietors of the abovesaid two firms were found forged. Manager-A.K. Satija helped Maninder Singh to avail advance upto Rs. 10.62 lakhs by opening two different accounts just to ensure that the pecuniary limits allowed may fall under his power; however according to prosecution nature of transactions reveal that parties were one and the same. Respondent and other co-accused thus entered into a criminal conspiracy during the period November-December 1986, with intention to cheat New Bank of India (PNB) to the tune of Rs. 10.62 lakhs. On the basis of the above complaint, case was registered under Section 120-B IPC read with Section 420 IPC and Section 5(2) read with Section 5(1)(d) of Prevention of Corruption Act, 1947 and further substantive offences under Sections 420, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Additional Solicitor General has drawn our attention to State of Maharashtra through CBI vs. Vikram Anantrai Doshi and Ors., 2014 (10) SCALE 690 and submitted that this Court has distinguished Nikhil Merchant's case and held that availing loan from the bank by producing forged documents has immense societal impact and the High Court ignoring the facts and circumstances of the present case was not justified in quashing the criminal proceedings qua the respondent. 5. Learned Senior Counsel for the respondent Mr. K.K. Menon submitted that availing facilities from the bank is purely of civil dispute which are personal in nature and therefore High Court was totally justified in quashing the proceedings in view of the judgment rendered in Nikhil Merchant's case. It was further submitted that the judgment rendered in Nikhil Merchant's case was upheld in Gian Singh vs. State of Punjab And Anr., (2012) 10 SCC 303; Shiji @ Pappu & Ors. vs. Radhika & Anr., (2011) 10 SCC 705 and other judgments. 6. We have carefully considered the rival contentions advanced by the parties and perused the material on record. 7. In the case at hand, respondent and one Suresh Kumar Puri introducing themselves ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ents bank money was credited to the accounts of firms of the respondent. For instance, respondent Maninder Singh and Suresh Kumar Puri are said to have submitted the forged documents of shipment for bill purchased on 27.11.1986. These documents included Bill of Lading and invoices which were found forged and according to the prosecution no consignment was sent by the respondent to foreign companies. It is further alleged that the Bill of Lading and G.R. Form and Shipping Bill also contained forged signatures of customs officers. 10. The allegation against the respondent is 'forgery' for the purpose of cheating and use of forged documents as genuine in order to embezzle the public money. After facing such serious charges of forgery, the respondent wants the proceedings to be quashed on account of settlement with the bank. The development in means of communication, science & technology etc. have led to an enormous increase in economic crimes viz. phishing, ATM frauds etc. which are being committed by intelligent but devious individuals involving huge sums of public or government money. These are actually public wrongs or crimes committed against society and the gravity and magnitude ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... true, has a serious consequence. A crime of this nature, in our view, would definitely fall in the category of offences which travel far ahead of personal or private wrong. It has the potentiality to usher in economic crisis. Its implications have its own seriousness, for it creates a concavity in the solemnity that is expected in financial transactions. It is not such a case where one can pay the amount and obtain a "no due certificate" and enjoy the benefit of quashing of the criminal proceedings on the hypostasis that nothing more remains to be done. The collective interest of which the Court is the guardian cannot be a silent or a mute spectator to allow the proceedings to be withdrawn, or for that matter yield to the ingenuous dexterity of the accused persons to invoke the jurisdiction under Article 226 of the Constitution or under Section 482 of the Code and quash the proceeding. It is not legally permissible. The Court is expected to be on guard to these kinds of adroit moves. The High Court, we humbly remind, should have dealt with the matter keeping in mind that in these kind of litigations the accused when perceives a tiny gleam of success, readily invokes the inherent ju ..... X X X X Extracts X X X X X X X X Extracts X X X X
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