Fine of Rs 2.25 lakh for failure to clear Bhishi installments

Chhatrapati Sambhajinagar: First-class judicial magistrate V R Khedkar has imposed a hefty fine of Rs 2.25 lakh on Sayyed Akbar Sayyed Bakshu, involved in the Bhishi investment scheme, as a cheque issued for the refund of scheme funds got dishonoured.

The court's ruling also stipulates that if the fine is collected, Rs 1.96 lakh should be allocated as compensation to the complainants, with the remaining amount directed to the government. If the fine is not paid, the accused will have to undergo imprisonment for six months.

Sayyed Akbar Sayyed Bakshu, residing in Indiranagar, Kabranagar, had taken loan of Rs 5 lakh in the Bhishi scheme through Sriram Chits Maharashtra Ltd. After maintaining regular installments for 23 months, he stopped paying the installment. The company issued a notice due to the outstanding installments. In response, Sayyed Bakshu presented a cheque of Rs 1.10 lakh to cover the overdue amount. However, the cheque bounced, prompting the company to escalate the matter to the court.

The court, after considering arguments and evidence presented by both parties, issued the aforementioned order. Advocate Rahul Mote represented the company during the proceedings.