The Supreme Court dismissed two special leave petitions (SLPs) in the case of fraudulent transactions involving bank officials and private businessmen. The petitioners, proprietors of M/s Kumaran Silks and partners in M/s Sri Ganesh Godown, were convicted by the trial court and upheld by the High Court for offenses under Sections 120-B and 420 IPC. The fraud involved unauthorized debits in bank accounts to offset unauthorised temporary overdrafts. The petitioners argued lack of involvement in cheating and immediate repayment upon discovery. However, the Supreme Court found no grounds for appeal, affirming the conviction.

1. Background of the Case:
• Involves two SLPs (Crl.) No.3787 and No.3788 of 2024.
• Petitioners appealed against the judgment of the High Court regarding Criminal Appeal (MD) No.407 of 2016 and Criminal Appeal (MD) No. 386 of 2016.
• Both petitioners were convicted by the Trial Court for offenses under Sections 120-B and 420 IPC.
2. Nature of Proceedings:
• Arises from a common FIR registered by the CBI involving fraudulent transactions in collusion with Indian Bank officials.
• Allegations include unauthorized debits in bank accounts and offsetting unauthorised temporary overdrafts.
3. Petitioners' Arguments:
• Denied involvement in cheating, claiming no undue benefit.
• Argued that bank loans were granted with proper security.
• Emphasized immediate repayment upon discovery of irregularities.
4. Supreme Court's Decision:
• Dismissed both SLPs, finding no grounds for appeal.
• Highlighted the fraudulent nature of transactions and collusion between bank officials and private businessmen.
• Rejected arguments of lack of control over bank officials and desperation.
• Noted previous dismissal of a related SLP (Crl.) No.2722 of 2024.
5. Directive:
• Ordered petitioners to surrender before the trial court within two weeks.