Thane Court Upholds ₹4 Lakh Fine in Cheque Dishonour Case, Rejects Stock Market Defence

The Thane Sessions Court has dismissed an appeal by a 70-year-old retired man challenging his conviction in a cheque dishonour case involving ₹2 lakh. Additional Sessions Judge S. P. Agarwal upheld the earlier judgment of the Judicial Magistrate First Class (JMFC), Thane, which had imposed a fine of ₹4 lakh on Jaiprakash Govind Gavkar.

The case was filed by complainant Rajan Balkrishna Pore, 64, who alleged that Gavkar had posed as a professional stockbroker and promised good returns on his investment. The court found that Gavkar failed to produce documentary evidence of how the money was invested in the stock market or subsequently used.

The court observed that the complainant never opened a Demat account at the time of the transactions and could not demonstrate any stock market losses. The judge noted that Gavkar failed to disclose how he invested or disposed of the complainant's money, concluding the cheque was issued for discharge of a legally enforceable debt.