CRM-M-49527-2026 (O&M) -:1:- IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH (108) CRM-M-49527-2026 (O&M) Date of Decision:02.09.2026 GAURAV VERMA … Petitioner Versus STATE OF PUNJAB ... Respondent -.- CORAM: HON'BLE MR. JUSTICE VIRINDER AGGARWAL Present:- Mr. Kanwar Abhay Singh, Advocate for the petitioner(s). Mr. Jasjit Singh Rattu, DAG, Punjab. Mr. Pankaj, Advocate for the complainant. -.- VIRINDER AGGARWAL , J . (Oral) 1. The present is the first petition under Section 482 of the BNSS, 2023 (corresponding to Section 438 Cr.P.C.), seeking the extraordinary relief of anticipatory bail to the petitioner in FIR No.173 dated 12.08.2026 (Annexure P-1), registered under Sections 318(4) and 61(2) of the BNS, 2023 (corresponding to Sections 420 and 120-B IPC, 1860), at Police Station Dasuya, District Hoshiarpur. 2. The instant FIR came to be registered pursuant to a complaint lodged by Vinod Kumar, who carries on business under the name and style of “Nikku Jewelers” at Dasuya. The accused-petitioner is engaged in the jewellery business under the name and style of “Kewal Krishna and Sons”, Saraffan Bazar, Ludhiana. The complainant, being desirous of purchasing GAURAV SOROT 2026.09.03 16:35 I attest to the accuracy and integrity of this document CRM-M-49527-2026 (O&M) ( 2 ) silver, approached the petitioner, who allegedly furnished the bank account particulars of a firm operating under the name and style of “Kartik Gold” and advised him to remit the sale consideration therein. Acting upon the said representation, the complainant continued to transfer amounts into the said account; however, silver allegedly worth approximately 50 lakhs ₹ was not supplied to him. The complainant consequently alleged that both Gaurav Verma and the proprietor of Kartik Gold had been avoiding and misleading him. 2.1. The police conducted a preliminary inquiry into the complaint, during which Ravinder Kumar, proprietor of Kartik Gold, stated that against the amounts deposited by Nikku Jewelers in the bank account of the said concern, he had supplied gold and silver to Gaurav Verma and had also forwarded photographs of the articles to Nikku Jewelers. According to him, Gaurav Verma had undertaken to deliver the said gold and silver to Nikku Jewelers. He further stated that there had been no direct transaction between Nikku Jewelers and Kartik Gold and that the entire transaction had been facilitated through Gaurav Verma, who had taken delivery of the goods by representing that the proprietor of Nikku Jewelers was his relative. 2.2. The accused-petitioner also joined the preliminary inquiry and stated that his role was confined to introducing the complainant to Ravinder Kumar, proprietor of Kartik Gold, whom he had represented to be a person enjoying a good reputation in the market. The petitioner maintained that he had advised the complainant to undertake the transaction only after making requisite market enquiries and verification. GAURAV SOROT 2026.09.03 16:35 I attest to the accuracy and integrity of this document CRM-M-49527-2026 (O&M) ( 3 ) He categorically denied having any role in, or responsibility for, the subsequent non-supply of the goods by Kartik Gold or for any alleged default arising out of the transaction. 3. Notice of motion. 4. Upon advance notice, Mr. Jasjit Singh Rattu, learned DAG, Punjab, accepts notice on behalf of the respondent-State of Punjab, whereas Mr. Pankaj, learned counsel, puts in appearance on behalf of the complainant and files memorandum of appearance, which is taken on record, subject to all just exceptions. Learned State counsel, assisted by learned counsel for the complainant, submits that the impugned order is neither legally infirm nor otherwise amenable to interference in exercise of the jurisdiction of this Court. It is contended that the learned Trial Court has passed a comprehensive, well-reasoned and legally sustainable order after due consideration of the factual matrix and the applicable principles of law. Dismissal of the present petition is, accordingly, sought. 5. Having heard learned counsel for the parties and having meticulously perused the paper-book, this Court finds it apposite to first notice the foundational contention advanced on behalf of the petitioner. Learned counsel for the petitioner submits that the transaction in question allegedly related to 125 kilograms of silver, stated to have been agreed to be sold at the rate of 1,78,000/- per kilogram, thereby constituting an ₹ aggregate sale consideration of 2,23,15,000/-. Out of the said ₹ consideration, an amount of 1,11,29,000/- is stated to have been remitted ₹ through RTGS, while the balance amount was to be paid upon delivery of the first consignment. The petitioner contends that, subsequent thereto, GAURAV SOROT 2026.09.03 16:35 I attest to the accuracy and integrity of this document CRM-M-49527-2026 (O&M) ( 4 ) there was a substantial fall in the prevailing market price of silver, as a consequence whereof the complainant was unwilling to accept delivery at the allegedly agreed rate, whereas the petitioner was equally not in a position to supply the silver at the said rate, since doing so would have occasioned a substantial financial loss to him. 5.1. In support of the aforesaid contention, reliance has been placed upon Annexure P-3, stated to be a handwritten note of the complainant. However, a close scrutiny of the said document prima facie does not substantiate the assertion that a uniform rate of 1,78,000/- per ₹ kilogram had ever been unequivocally agreed between the parties. On the contrary, the handwritten note indicates that the silver was to be supplied at varying rates, as detailed hereunder:- Sr. No. Quantity Rate / Amount Total Amount 1 40 KG ₹1,71,500/- 68,60,000/- ₹ 2 35 KG ₹1,73,000 60,55,000 ₹ 3 20 KG ₹1,86,500 37,30,000 ₹ 4 30 KG ₹1,89,000 56,70,000 ₹ Total Amount 2,23,15,000 ₹ Bank Transfer 1,11,29,000 ₹ Balance 1,11,86,000 ₹ Additional details appearing in the note:- Particular Details Total quantity of Silver mentioned (in Hindi) 125 Kgs Total Silver received (in Hindi) 36.662 Kgs Remaining Silver to be received (in Hindi) 88.338 Kgs GAURAV SOROT 2026.09.03 16:35 I attest to the accuracy and integrity of this document CRM-M-49527-2026 (O&M) ( 5 ) 5.2. A perusal of Annexure P-3, which is admittedly a handwritten note containing entries partly in Hindi, further undermines the petitioner’s assertion that the rate of 1,78,000/- per kilogram had been conclusively ₹ fixed between the parties. On the contrary, the recitals therein indicate that, against the purported quantity of 125 kilograms of silver, only 36.662 kilograms had actually been supplied, while the balance quantity of 88.338 kilograms remained outstanding for delivery. The contents of the said document, therefore, prima facie belie the petitioner’s attempt to project the transaction as one founded upon an unequivocally settled rate and completed terms of sale, and instead give rise to material factual issues concerning the actual terms, quantity supplied and consideration agreed between the parties. It is also not in dispute that an amount of 1,11,29,000/- had been transferred through banking channels. The ₹ contents of Annexure P-3, therefore, prima facie demonstrate that the transaction was not founded upon any immutable or uniformly agreed rate of 1,78,000/- per kilogram; rather, the entries therein reflect variation in ₹ the applicable rates, indicating that the rate was to be ascertained with reference to the prevailing market price at the relevant point in time. The petitioner’s assertion of an unequivocally settled rate is, thus, prima facie not borne out from the very document relied upon by him. 5.3. The matter, however, does not rest merely upon a disputed commercial claim. The allegations involve a substantial monetary transaction, a considerable quantity of silver which allegedly remains undelivered, and an outstanding financial liability of significant magnitude. The nature and volume of the transaction, coupled with the GAURAV SOROT 2026.09.03 16:35 I attest to the accuracy and integrity of this document CRM-M-49527-2026 (O&M) ( 6 ) competing versions emerging from the material collected during the inquiry, necessitate a thorough investigation into the actual flow of funds, delivery of the precious metal, the precise terms governing the transaction, the prevailing rates at the relevant stages, and the respective roles of the persons involved. 6. In the facts and circumstances of the present case, custodial interrogation of the petitioner cannot be said to be wholly unwarranted or merely investigative in nature. Such interrogation may be necessary for an effective probe into the transaction, including verification and confrontation of the relevant banking records, accounts, delivery particulars and other material circumstances connected with the alleged non-delivery of the silver. Grant of the extraordinary protection of anticipatory bail at this stage, therefore, has the potential to impede a fair and effective investigation. 6.1. Having regard to the substantial monetary stakes involved, the considerable quantity of silver allegedly remaining undelivered, the disputed nature of the underlying transaction, the material emerging from Annexure P-3, and the requirement of custodial interrogation for a meaningful and effective investigation, this Court is not persuaded that the petitioner has made out a case for grant of the discretionary relief of anticipatory bail. 6.2. Accordingly, the present petition is dismissed. 7. In view of the fact that the principal matter stands finally adjudicated, all pending miscellaneous applications, if any, arising out of or ancillary to the present proceedings, shall also stand disposed of GAURAV SOROT 2026.09.03 16:35 I attest to the accuracy and integrity of this document CRM-M-49527-2026 (O&M) ( 7 ) accordingly. No separate or further orders are required to be passed in respect thereof. ( VIRINDER AGGARWAL) 02.09.2026 JUDGE Gaurav Sorot Whether reasoned / speaking? Yes / No Whether reportable? Yes / No GAURAV SOROT 2026.09.03 16:35 I attest to the accuracy and integrity of this document