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SC quashed the First Information Report (FIR) against the appellant, holding that a mere breach of commercial agreement does not constitute criminal fraud under Section 415 IPC. The Court found no evidence of deliberate deception, noting the appellant's creditworthiness was demonstrated by bankers' continued financial support, including an additional loan in 2018. The materials collected during investigation did not establish fraudulent intent at the transaction's inception. The Court emphasized that defaulting on a commercial arrangement does not automatically imply criminal intent, distinguishing between civil contractual disputes and criminal offenses. The impugned order was set aside, effectively terminating the criminal proceedings against the appellant.
SC quashed the First Information Report (FIR) against the appellant, holding that a mere breach of commercial agreement does not constitute criminal fraud under Section 415 IPC. The Court found no evidence of deliberate deception, noting the appellant's creditworthiness was demonstrated by bankers' continued financial support, including an additional loan in 2018. The materials collected during investigation did not establish fraudulent intent at the transaction's inception. The Court emphasized that defaulting on a commercial arrangement does not automatically imply criminal intent, distinguishing between civil contractual disputes and criminal offenses. The impugned order was set aside, effectively terminating the criminal proceedings against the appellant.
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