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In your case if you sell the property you are liable for criminal breach of trust.Now suppose if you have handed over the property to the person from whom you have taken the money and if that person has returned you the property as a trustee in that case you are liable for criminal breach of trust.Under Section 43 of the said Act a person can also be arrested by a private person who in his presence commits a non- bailable and cognizable offence, or any proclaimed offender, and, without unnecessary delay, shall make over or cause to be made over any person so arrested to a police officer, or, in the absence of a police officer, take such person or cause him to be taken in custody to the nearest police station.If the police officer has a reason to believe that such person comes under the provisions of Section 41, a police officer shall re-arrest him.If there is reason to believe that he has committed a non-cognizable offence, and he refuses on the demand of a police officer to give his name and residence, or gives a name or residence which such officer has reason to believe to be false, he shall be dealt with under the provisions of Section 42; but if there is no sufficient reason to believe that he has committed any offence, he shall be at once released.Under Section 44 of the said Act when any offence is committed in the presence of a Magistrate, whether Executive or Judicial, within his local jurisdiction, he may himself arrest of order any person to arrest the offender, and may thereupon, subject to the provisions herein contained as to bail, commit the offender to custody.For more specific answer we need the terms of hypothecation agreement.Please refer (1971) 1 SCJ 132 and AIR 1951 Punjab 103. Any citizen can file an FIR of theft of the above said telephone wire whether it belongs to you or belongs to any other person.
The Code of Criminal Procedure 1973 provides for some of these situations.
Section 325 provides for the punishment for voluntarily causing Grievous hurt which is imprisonment upto the maximum of seven years along with the fine. You should immediately contact the Local Police Station and lodge complaint against the person from whom you have received the note. Even if the owner is in possession of the property, he is holding the property as a trustee on behalf of the person from whom money is taken.
The Supreme Court has rightly held that for the offence of breach of trust the property in question must belong to a person other than the person to whom property is entrusted, but in your case the property now belongs to the person from whom the money is taken and you are retaining the property on behalf of that person.
Also a person cannot be detained in custody for more than 24 hours without the permission of the Magistrate as per Section 57 of this said Act.
Police in all such cases has to report to the District Magistrate or the Sub-Divisional Magistrate about the arrest and also the status of bail as per Section 58 of this said Act.