In a significant ruling underscoring financial discipline and accountability, the Additional Chief Judicial Magistrate’s Court, Ahilyanagar (Maharashtra), has convicted an accused in a cheque dishonour case filed by Shri Renukamata Multi-State Co-operative Urban Credit Society and imposed a fine of Rs 48,569, with a provision of two months’ simple imprisonment in case of default.
The case pertains to Ganesh Harishchandra Lokhande, a resident of Telikhunt, Ahilyanagar, who had availed a loan of Rs 30,000 from Renukamata MSCS. Towards repayment of the loan amount, the accused issued a cheque of Rs 30,133 in favour of the society. However, the cheque was dishonoured by the bank due to insufficient funds, according to details shared by the society.
Following the dishonour of the cheque, Renukamata MSCS initiated legal proceedings by filing a complaint in the District Court, Ahilyanagar. After examining the evidence on record and hearing arguments from both sides, the court held the accused guilty under the relevant provisions of law.
Accepting the evidence presented by the complainant institution, the court directed the accused to pay a fine of Rs 48,569. The judgment further stated that failure to comply with the order would result in two months of simple imprisonment.
The verdict is being viewed as a strong message reinforcing the legal consequences of cheque dishonour and reaffirming the judiciary’s firm stand on protecting the credibility of financial transactions within the co-operative sector.