Court orders arrest of diamond merchant in cheque bounce case

Tribune News Service

Chandigarh, June 5

The court of Additional District and Sessions Judge Gagan Geet Kaur has directed the trial court to initiate the process of re-arrest of a Mohali-based diamond merchant after he failed to comply with the condition of suspension of his sentence.

Vikas Walia, a resident of Mohali, had been sentenced to a rigorous imprisonment of two-years under the Negotiable Instruments (NI) Act in February this year. The court also ordered the convict to pay a compensation of Rs 2 crore at the rate of 6 per cent interest from the date of issuing cheques to complainant Ashok Mittal, a resident of Panchkula.

As Walia was sentenced to less than three-year imprisonment, he was granted bail on the condition that he would pay 20 per cent of the Rs 2 crore compensation amount to the complainant within 60 days of the appeal filed in the court of the ADJ, but the accused did not comply with the order. Later, the ADJ court granted him 15 more days to pay 20 per cent of the compensation amount, but he did not comply with the order again, following which the ADJ Court dismissed his bail bonds and gave directions to initiate the process of re-arrest of the accused.

Walia had been awarded imprisonment in six cheque-bounce cases amounting to Rs 13.53 crore. Mittal alleged that Walia told him that there was a huge profit in diamonds and jewellery trade. Mittal paid Rs 12.25 crore to Walia for partnership in the business. Walia also paid him a profit of Rs 3.25 crore within a few months. Later, Walia asked him to open a diamond and jewellery shop at Elante Mall in Chandigarh wherein Mittal invested Rs 22 crore and a partnership deed was also executed between him and Walia. 

With an intention to cheat him, Walia did not bring the diamond and jewellery. It was decided to dissolve the partnership in February 2014. Walia agreed to keep the showroom and pay Rs 17 crore to Mittal. Walia then issued six cheques to Mittal. As per Mittal, the cheques were returned by the banks due to insufficient funds.

A partnership gone wrong

Mittal alleged that Walia came in contact with him in 2014 and told him that there was a huge profit in diamonds and jewellery trade but later he duped him for which Walia had been awarded an imprisonment in six cheque-bounce cases amounting to Rs 13.53 crore.