Thane Sessions Court Upholds ₹4 Lakh Fine Against 70-Year-Old In ₹2 Lakh Cheque Dishonour Case, Rejects Stock Market Loss Defence

Thane, October 17, 2026: The Thane Sessions Court has dismissed an appeal filed by a 70-year-old retired man challenging his conviction in a cheque dishonour case involving Rs 2 lakh, holding that he failed to establish his defence that the cheque was not issued towards a legally enforceable debt.

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Additional Sessions Judge S. P. Agarwal, in an order, upheld the judgment of the Judicial Magistrate First Class (JMFC), Thane, which had imposed a fine of ₹4 lakh on Jaiprakash Govind Gavkar.

The court observed that Gavkar had failed to produce documents showing how the money received from the complainant was invested in the stock market or how it was subsequently used.

The case was filed by Rajan Balkrishna Pore, a 64-year-old retired man, who alleged that Gavkar had represented himself as a professional stockbroker and assured him of good returns if he invested money through him.

Court Finds No Evidence Of Stock Market Losses

“The complainant has not contended that he gave money for financial assistance to the accused. In the case in hand, it is not the case of complainant that he advances money to accused to trade in futures and options segment of the stock market. Rather the complainant has specifically stated that he asked for documents from accused to show investment in the share market. But accused failed to show the same. Also complainant had informed that he has not opened the Demat account at the time of these transactions but it is opened before one or and one and half year before his evidence.

Hence, there is nothing to show that the complainant using his own Demat account, has done any transaction in stock market and faced any losses. It appears, he handed over money to accused, who has not disclosed in what manner he invested or disposed off money of complainant. Hence it appears that the J.M.F.C. Court has rightly held that the cheque was issued in favour of complainant for discharge of legally enforceable debt.”

According to the complainant’s evidence, he agreed to invest ₹10 lakh following repeated requests and follow-ups by Gavkar and transferred the money to his account.

However, when he sought details and documents regarding the investments, Gavkar allegedly avoided giving a clear response. Pore told the court that Gavkar subsequently agreed to return the money and issued a cheque, which became the subject of the complaint.

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Accused Claims Dispute Arose From Stock Market Investments

Gavkar challenged the conviction, arguing that Pore had not advanced ₹10 lakh as financial assistance and that the transactions were connected to stock market investments.

He alleged that the complainant was attempting to recover losses arising from share market transactions and contended that the trial court had failed to consider this defence.

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