New Delhi (Agency): In a recent development, a court in Thane, Maharashtra, has handed down a three-month jail sentence to Suraj Bhagwat Londhe and imposed a significant fine of Rs 24 lakh on him. The verdict comes as a result of Londhe’s failure to repay a friendly loan he had received. The additional chief judicial magistrate, J R Mulani, pronounced the judgment after finding Londhe guilty of violating the provisions outlined in the Negotiable Instruments Act, 1881.
The court’s ruling stipulates that out of the Rs 24 lakh fine, an amount of Rs 23.75 lakh must be paid as compensation to the complainant, Manda Asarama Bahir, who resides in Mira Bhayander.
The case’s background reveals that in December 2017, Londhe had borrowed a sum of Rs 12 lakh from Bahir as a friendly loan. Despite receiving multiple reminders to settle the debt, Londhe issued a cheque that was ultimately dishonored by the bank due to insufficient funds. The complainant, Bahir, pursued legal action by issuing notices to Londhe but did not succeed in recovering her money.
The presiding judge determined that Londhe had committed an offense as defined by section 138 of the Negotiable Instrument Act, 1881. This section pertains to the dishonor of a cheque due to insufficient funds in the account. Given the nature of the transaction, which involved a friendly loan, and the complainant’s enduring monetary loss spanning over five years, the court justified the hefty fine by specifying that it should amount to twice the value of the original cheque, i.e., Rs 12 lakh.
The ruling sends a clear message about the importance of honoring financial commitments, even in cases where loans are informal or friendly in nature. The case also underscores the legal mechanisms in place to protect creditors and ensure that financial transactions are conducted responsibly and ethically.
This incident serves as a reminder that financial dealings, no matter how informal they may seem, are bound by legal principles that safeguard the interests of all parties involved. As the legal system continues to address matters of financial integrity and accountability, individuals must remain diligent in upholding their financial obligations to avoid facing legal consequences.