A local court has sentenced a stock broker to one-year simple imprisonment in a case of cheque bounce.
Special Judicial Magistrate (Mandi) Raghvir Singh also directed accused Vinod Kumar to pay Rs 4.36 lakh as compensation to complainant Tara Chand, a resident of Bhim Rao Amedkar locality of Sundernagar town of Mandi district.
Kumar, who knew Chand, had borrowed 4.36 lakh from him in February 2007 and issued a cheque in lieu of that.
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However, when Chand presented the cheque for payment, it was stopped by Kumar.
Chand issued a legal notice to Kumar for the payment, but Kumar did not pay up.
Chand then filed a complaint before the court under the provisions of the Negotiable Instruments Act.
Kumar admitted that he had taken money from Chand, but said he had paid it back to him.
But after the trial, the court held Kumar guilty under Section 138 of the Negotiable Instruments Act (dishonour of cheque) and announced the sentence yesterday.
