Excelsior Correspondent
JAMMU, Dec 30: Chief Judicial Magistrate Jammu Anjum Ara today awarded one year imprisonment to a property dealer Shashi Mahajan in cheque bounce case. Moreover, the court has ordered the accused to pay Rs 35 lakh to the complainant which includes cheque amount of Rs 25 lakh and Rs 10 lakh being the compensation for the loss and damages sustained due to non payment by the accused since 14-11-2007 with interest at the rate of 6 % per annum till its realization.
The accused in order to discharge the legal and enforceable liability pertaining to the land transaction issued Payee’s Account Cheque for an amount of Rs 25 lakh to be drawn at Punjab National Bank Branch Shastri Nagar Jammu in favour of the complainant.
The accused assured the complainant that the cheque shall be en-cashed as and when the same is presented in the bank, therefore, the complainant accepted the cheque and accordingly the complainant presented the cheque with Punjab National Bank Branch Shalamar Road Jammu for encashment on 19.04.2008.
However, the cheque was returned as unpaid to the complainant with the memo whereby the bank has written that “funds insufficient” in the bank account of the accused.
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