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The SC allowed the appeal, set aside the impugned High Court order and quashed further criminal proceedings. The Court held that the complaint did not disclose ingredients of criminal breach of trust under Section 405, IPC because the transaction constituted a bona fide debtor-creditor loan wherein beneficial ownership of the advanced funds passed to the borrower; there was no entrustment conferring dominion inconsistent with ownership. Continuation of prosecution would amount to abuse of process; the High Court erred in directing registration/continuance of FIR or in exercising Section 482 powers to sustain the petition. Criminal liability was therefore not made out and the criminal proceedings were dismissed.
The SC allowed the appeal, set aside the impugned High Court order and quashed further criminal proceedings. The Court held that the complaint did not disclose ingredients of criminal breach of trust under Section 405, IPC because the transaction constituted a bona fide debtor-creditor loan wherein beneficial ownership of the advanced funds passed to the borrower; there was no entrustment conferring dominion inconsistent with ownership. Continuation of prosecution would amount to abuse of process; the High Court erred in directing registration/continuance of FIR or in exercising Section 482 powers to sustain the petition. Criminal liability was therefore not made out and the criminal proceedings were dismissed.
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