HC quashes lower court order on online trading case

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Chennai, Mar 14 (UNI) The Madras High Court today quashed a lower court order, directing further investigations into the alleged cheating in online trading of gold and silver.

Allowing a petition filed by one Dharmendra Bafna, Mr Justice M Jaypaul set aside the order given by the Third George Town Metropolitan Magistrate on February 13 this year, ordering further probe and arraigning some of the accused in the case.

The Judge, in his order, said the lower court had directed further investigation of the case only the basis of the protest petition filed by Kishan Lal, the complainant in the case, on the basis of the High Court order.

''It is held that the court concerned has power to order further investigation even after taking cognisance of the case at the instance of the de facto complainant or the investigating agency.

But on facts, Mr Kishan Lal had not made out a case for further investigation,'' the Judge observed.

''The loss occurred on the online trading solely transacted by him as per the findings of the investigating agency, which also ruled out the involvement of eight other accused in the online trading.

Therefore the Lower court has erred in ordering further investigation in the case'', the Judge said and added that the allegations levelled against the investigating officer (for arraigning only two as accused and not filing chargesheet against the remaining accused) was totally unsubstantiated.

''There is no revelation in the case after the investigation is terminated and no new material also has come to light after filing of the chargesheet'', the Judge said, adding the trial court should not have permitted further investigation.

The prosecution case was that Kishan Lal had deposited Rs 4.65 crore with Mr Bafna for online trading in gold and silver from October six, 2005 to December two, 2005.

When Kishah Lal enquired about the status of his account, Mr Bafna said there was Rs 4.95 crore lying to his credit. However, Mr Kishan Lal insisted that there should be Rs 5.95 crore and demanded the payment, and filed a complaint of cheating with the police.

The investigation into the case was transferred from the city police to the Central Crime Branch and then to the CB-CID, the present investigating agency in the case.


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