White Collar Updates

DATE

DETAILS OF THE RECENT DEVELOPMENTS

CASES

13.12.2022

A loan of Rs. 1 crore was extended to Anil Ramrao Naik (accused) to pay for a property for which a Memorandum of Understanding (MoU) for repayment was entered into between the parties. The accused issued two cheques to the complainant which did not mention any date or the name of the payee. The construction of the building on the plot could not get completed and the complainant opted for refund along with interest. The accused filed a civil suit praying for the extension of time to repay the amount to the complainant in terms of the MoU.

After the suit was filed by the accused, the complainant deposited the two cheques which were dishonoured. Subsequently, the complainant filed two complaints under section 138 of the Negotiable Instruments Act, 1881 (NI Act) before the trial court while admitting that she had filled in the name of the payee and date. The trial court acquitted the