In a cheque bounce case under the 138 NI Act, JMFC of Sambalpur S Nayak has imposed a penalty of Rs 1.57 crore on a businessman, Sanjay Agrawal, of Godbhaga in Bargarh district.
Besides paying the amount, the accused has to undergo imprisonment for one year, the JMFC has ordered further.
As per information, the Aryan Ispat and Power Pvt ltd, a sponge iron unit at Rengali, had filed a case in the JMFC Court as the money it had to get from Agrawal could not be realised from the bank as the cheque bounced. After hearing both sides and verification of the documents, the JMFC was convinced that Agrawal intentionally cheated the company. Hence, she imposed the fine on Agrawal with one-year imprisonment order, a release from the company stated.