- 1 - HC-KAR NC: 2026:KHC:30069 CRL.P No. 1705 of 2026 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 18TH DAY OF JUNE, 2026 BEFORE THE HON'BLE MR. JUSTICE M.NAGAPRASANNA CRIMINAL PETITION NO. 1705 OF 2026 BETWEEN: 1. DEEPAM SILKS AND SAREES, A COMPANY FIRM, HAVING ITS OFFICE 1ST FLOOR, NO.67, BLUMOON COMPLEX, MG ROAD, BENGALURU-560 001. REP. BY ITS PARTNERS, SMT. GEETHARANJANI CHANDRASEKHAR AND MUTHAIAH CHANDRASEKHAR. 2. SMT. CHANDRASHEKAR GEETHA RANJANI, AGED ABOUT 71 YEARS, W/O CHANDRASHEKAR. 3. M.CHANDRASHEKAR, AGED ABOUT 77 YEARS, S/O MUTHAIAH. 4. SWARUP CHANDRASHEKAR, AGED ABOUT 48 YEARS, S/O M.CHANDRASHEKAR. SL. NO. 2 TO 4 ARE R/AT NO.459, 11TH MAIN ROAD, RAJMAHAL EXTENSION, SADASHIVANAGAR, BENGALURU-560 080. 5. MUTHAIAH VIJAYASHEKAR, AGED ABOUT 65 YEARS, Digitally signed by SANJEEVINI J KARISHETTY Location: High Court of Karnataka - 2 - HC-KAR NC: 2026:KHC:30069 CRL.P No. 1705 of 2026 S/O LATE MUTHAIAHPILLAY, R/AT NO.54, 2ND CROSS, NEAR R.T.NAGAR POLICE STATION, P AND T COLONY, R.T.NAGAR, BENGALURU-560 032. …PETITIONERS (BY SRI. VINAYAK KULKARNI, ADVOCATE) AND: 1. THE STATE OF KARNATAKA, BY CUBBON PARK POLICE STATION, BENGALURU, REP BY ITS STATE PUBLIC PROSECUTOR, HIGH COURT BUILDING, BENGALURU-560 001. 2. MS. SARALA ANAND, AGED ABOUT 52 YEARS, W/O. ADV. K.R.ANAND, R/AT NO.55, “SRI BHARATHI”, E A R STREET, BASAVANAGUDI, BENGALURU CITY-560 004. …RESPONDENTS (BY SMT. WAHEEDA M.M, HCGP FOR R-1; SRI. M.S SHYAM SUNDAR, SENIOR ADVOCATE A/W SRI. BHARATH S RAO, ADVOCATE FOR R-2) THIS CRL.P IS FILED U/S.482 (FILED U/S.528 BNSS) CR.P.C TO QUASH THE ENTIRE PROCEEDINGS IN PCR NO.39/2025 NOW REGISTERED IN CRIME NO.6/2026 REGISTERED BY THE CUBBON PARTK POLICE STATION, BENGALURU/1ST RESPONDENT FOR THE OFFENCES P/US/ 120B, 323, 406, 420 OF IPC, SEC. 21(1)(2)(3) OF BANNING OF UNREGULATED DEPOSIT SCHEMES ACT AND SEC. 9 OF KARNATAKA PROTECTION OF INTEREST DEPOSITORS IN FINANCIAL ESTABLISHMENT ACT, NOW THE CASE IS PENDING - 3 - HC-KAR NC: 2026:KHC:30069 CRL.P No. 1705 of 2026 ON THE FILES OF HON’BLE PRINCIPAL CITY CIVIL AND SESSIONS JUDGE AND SPECIAL JUDGE FOR KPIDFE ACT, BENGALURU. THIS PETITION, COMING ON FOR ORDERS, THIS DAY, ORDER WAS MADE THEREIN AS UNDER: CORAM: HON'BLE MR. JUSTICE M.NAGAPRASANNA ORAL ORDER Petitioners are before the Court seeking the following prayers: "WHEREFORE, the petitioners who are arrayed as Accused No.1 to 5 humbly prayed that, this Hon'ble Court be pleased to quash the entire proceedings in PCR.No.39/2025 now registered in Crime No.6/2026 registered by the Cubbon Park Police Station, Bengaluru/1st respondent for the offences punishable under sections 120B, 323, 406, 420 of Indian Penal Code, sections 21(1)(2)(3) of Banning of Unregulated Deposit Schemes Act and section 9 of Karnataka Protection of Interest Depositors in Financial Establishment Act, now the case is pending on the files of Hon'ble Principal City Civil and Sessions Judge and Special Judge for KPIDFE Act, Bengaluru, in the interest of justice." 2. Heard Sri.Vinayak Kulkarni, learned counsel appearing for the petitioners, Smt.Waheeda M.M., learned HCGP appearing for respondent No.1, Sri.M.S.Shyamsundar, - 4 - HC-KAR NC: 2026:KHC:30069 CRL.P No. 1705 of 2026 learned Senior Counsel along with Sri.Bharath S Rao, appearing for respondent No.2 and have perused the material on record. 3. The matter is still at the stage of investigation. The learned counsel for the petitioners seeks to impress upon the fact that his reputation is at stake and have already given back the amounts that they had taken to plethora of people including the complainant in the case at hand. But the invocation of Banning of Unregulated Deposit Schemes Act, 2019 is what holds the hands of this Court to interfere at this stage. However, reserving liberty to the petitioners to approach this Court, in the event a final report would be filed and the final report would go against him, the petition would stand disposed. 4. It is needless to observe that the Investigating Officer while conducting investigation would look into all those factors that have happened after the registration of the complaint and then arrive at whether a final report against him should be filed or not. - 5 - HC-KAR NC: 2026:KHC:30069 CRL.P No. 1705 of 2026 With the aforesaid observation, the Criminal Petition stands disposed. Sd/- (M.NAGAPRASANNA) JUDGE CBC List No.: 2 Sl No.: 31