Gaurav Verma vs State Of Punjab

CRM-M-49527-2026 (O&M) -:1:-
IN THE HIGH COURT OF PUNJAB AND HARYANA
AT CHANDIGARH
( 108 )
CRM-M-49527-2026 (O&M)
Date of Decision: 02.09.2026
GAURAV VERMA
… Petitioner
Versus
STATE OF PUNJAB
... Respondent
-.-
CORAM: HON'BLE MR. JUSTICE VIRINDER AGGARWAL
Present:- Mr. Kanwar Abhay Singh, Advocate
for the petitioner(s).
Mr. Jasjit Singh Rattu, DAG, Punjab.
Mr. Pankaj, Advocate
for the complainant.
-.-
VIRINDER AGGARWAL , J . (Oral)
1. The present is the first petition under Section 482 of the
BNSS, 2023 (corresponding to Section 438 Cr.P.C.), seeking the
extraordinary relief of anticipatory bail to the petitioner in FIR No.173
dated 12.08.2026 ( Annexure P-1 ), registered under Sections 318(4) and
61(2) of the BNS, 2023 (corresponding to Sections 420 and 120-B IPC,
1860), at Police Station Dasuya, District Hoshiarpur.
2. The instant FIR came to be registered pursuant to a complaint
lodged by Vinod Kumar, who carries on business under the name and style
of “Nikku Jewelers” at Dasuya. The accused-petitioner is engaged in the
jewellery business under the name and style of “Kewal Krishna and Sons”,
Saraffan Bazar, Ludhiana. The complainant, being desirous of purchasing
GAURAV SOROT
2026.09.03 16:35
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CRM-M-49527-2026 (O&M)
( 2 )
silver, approached the petitioner, who allegedly furnished the bank account
particulars of a firm operating under the name and style of “Kartik Gold”
and advised him to remit the sale consideration therein. Acting upon the
said representation, the complainant continued to transfer amounts into the
said account; however, silver allegedly worth approximately 50 lakhs ₹
was not supplied to him. The complainant consequently alleged that both
Gaurav Verma and the proprietor of Kartik Gold had been avoiding and
misleading him.
2.1. The police conducted a preliminary inquiry into the complaint,
during which Ravinder Kumar, proprietor of Kartik Gold, stated that
against the amounts deposited by Nikku Jewelers in the bank account of
the said concern, he had supplied gold and silver to Gaurav Verma and had
also forwarded photographs of the articles to Nikku Jewelers. According to
him, Gaurav Verma had undertaken to deliver the said gold and silver to
Nikku Jewelers. He further stated that there had been no direct transaction
between Nikku Jewelers and Kartik Gold and that the entire transaction
had been facilitated through Gaurav Verma, who had taken delivery of the
goods by representing that the proprietor of Nikku Jewelers was his
relative.
2.2. The accused-petitioner also joined the preliminary inquiry and
stated that his role was confined to introducing the complainant to
Ravinder Kumar, proprietor of Kartik Gold, whom he had represented to
be a person enjoying a good reputation in the market. The petitioner
maintained that he had advised the complainant to undertake the
transaction only after making requisite market enquiries and verification.
GAURAV SOROT
2026.09.03 16:35
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CRM-M-49527-2026 (O&M)
( 3 )
He categorically denied having any role in, or responsibility for, the
subsequent non-supply of the goods by Kartik Gold or for any alleged
default arising out of the transaction.
3. Notice of motion.
4. Upon advance notice, Mr. Jasjit Singh Rattu, learned DAG,
Punjab, accepts notice on behalf of the respondent-State of Punjab,
whereas Mr. Pankaj, learned counsel, puts in appearance on behalf of the
complainant and files memorandum of appearance, which is taken on
record, subject to all just exceptions. Learned State counsel, assisted by
learned counsel for the complainant, submits that the impugned order is
neither legally infirm nor otherwise amenable to interference in exercise of
the jurisdiction of this Court. It is contended that the learned Trial Court
has passed a comprehensive, well-reasoned and legally sustainable order
after due consideration of the factual matrix and the applicable principles
of law. Dismissal of the present petition is, accordingly, sought.
5. Having heard learned counsel for the parties and having
meticulously perused the paper-book, this Court finds it apposite to first
notice the foundational contention advanced on behalf of the petitioner.
Learned counsel for the petitioner submits that the transaction in question
allegedly related to 125 kilograms of silver, stated to have been agreed to
be sold at the rate of 1,78,000/- per kilogram, thereby constituting an ₹
aggregate sale consideration of 2,23,15,000/-. Out of the said
₹
consideration, an amount of 1,11,29,000/- is stated to have been remitted ₹
through RTGS, while the balance amount was to be paid upon delivery of
the first consignment. The petitioner contends that, subsequent thereto,
GAURAV SOROT
2026.09.03 16:35
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CRM-M-49527-2026 (O&M)
( 4 )
there was a substantial fall in the prevailing market price of silver, as a
consequence whereof the complainant was unwilling to accept delivery at
the allegedly agreed rate, whereas the petitioner was equally not in a
position to supply the silver at the said rate, since doing so would have
occasioned a substantial financial loss to him.
5.1. In support of the aforesaid contention, reliance has been
placed upon Annexure P-3, stated to be a handwritten note of the
complainant. However, a close scrutiny of the said document prima facie
does not substantiate the assertion that a uniform rate of 1,78,000/- per ₹
kilogram had ever been unequivocally agreed between the parties. On the
contrary, the handwritten note indicates that the silver was to be supplied
at varying rates, as detailed hereunder:-
Sr. No. Quantity Rate / Amount Total Amount
₹ 68,60,000/-
1 40 KG ₹ 1,71,500/-
60,55,000
₹
2 35 KG ₹ 1,73,000
₹ 37,30,000
3 20 KG 1,86,500
₹
₹ 56,70,000
4 30 KG ₹ 1,89,000
₹ 2,23,15,000
Total Amount
₹ 1,11,29,000
Bank Transfer
₹ 1,11,86,000
Balance
Additional details appearing in the note:-
Particular
Details
Total quantity of Silver
mentioned (in Hindi)
125 Kgs
Total Silver received (in
36.662 Kgs
Hindi)
Remaining Silver to be
88.338 Kgs
received (in Hindi)
GAURAV SOROT
2026.09.03 16:35
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CRM-M-49527-2026 (O&M)
( 5 )
5.2. A perusal of Annexure P-3, which is admittedly a handwritten
note containing entries partly in Hindi, further undermines the petitioner’s
assertion that the rate of 1,78,000/- per kilogram had been conclusively
₹
fixed between the parties. On the contrary, the recitals therein indicate that,
against the purported quantity of 125 kilograms of silver, only 36.662
kilograms had actually been supplied, while the balance quantity of 88.338
kilograms remained outstanding for delivery. The contents of the said
document, therefore, prima facie belie the petitioner’s attempt to project
the transaction as one founded upon an unequivocally settled rate and
completed terms of sale, and instead give rise to material factual issues
concerning the actual terms, quantity supplied and consideration agreed
between the parties. It is also not in dispute that an amount of
₹ 1,11,29,000/- had been transferred through banking channels. The
contents of Annexure P-3, therefore, prima facie demonstrate that the
transaction was not founded upon any immutable or uniformly agreed rate
of 1,78,000/- per kilogram; rather, the entries therein reflect variation in ₹
the applicable rates, indicating that the rate was to be ascertained with
reference to the prevailing market price at the relevant point in time. The
petitioner’s assertion of an unequivocally settled rate is, thus, prima facie
not borne out from the very document relied upon by him.
5.3. The matter, however, does not rest merely upon a disputed
commercial claim. The allegations involve a substantial monetary
transaction, a considerable quantity of silver which allegedly remains
undelivered, and an outstanding financial liability of significant
magnitude. The nature and volume of the transaction, coupled with the
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CRM-M-49527-2026 (O&M)
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competing versions emerging from the material collected during the
inquiry, necessitate a thorough investigation into the actual flow of funds,
delivery of the precious metal, the precise terms governing the transaction,
the prevailing rates at the relevant stages, and the respective roles of the
persons involved.
6. In the facts and circumstances of the present case, custodial
interrogation of the petitioner cannot be said to be wholly unwarranted or
merely investigative in nature. Such interrogation may be necessary for an
effective probe into the transaction, including verification and
confrontation of the relevant banking records, accounts, delivery
particulars and other material circumstances connected with the alleged
non-delivery of the silver. Grant of the extraordinary protection of
anticipatory bail at this stage, therefore, has the potential to impede a fair
and effective investigation.
6.1. Having regard to the substantial monetary stakes involved, the
considerable quantity of silver allegedly remaining undelivered, the
disputed nature of the underlying transaction, the material emerging from
Annexure P-3, and the requirement of custodial interrogation for a
meaningful and effective investigation, this Court is not persuaded that the
petitioner has made out a case for grant of the discretionary relief of
anticipatory bail.
6.2. Accordingly, the present petition is dismissed .
7. In view of the fact that the principal matter stands finally
adjudicated, all pending miscellaneous applications, if any, arising out of
or ancillary to the present proceedings, shall also stand disposed of
GAURAV SOROT
2026.09.03 16:35
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CRM-M-49527-2026 (O&M)
( 7 )
accordingly. No separate or further orders are required to be passed in
respect thereof.

( VIRINDER AGGARWAL )
02.09.2026 JUDGE
Gaurav Sorot
Whether reasoned / speaking? Yes / No
Whether reportable? Yes / No
GAURAV SOROT
2026.09.03 16:35
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integrity of this document