JUDGMENT : P.K. Tripathy, J. - Heard. 2. In this application u/s 482 Code of Criminal Procedure Petitioner prays to quash the criminal proceeding of G.R. Case No. 972 of 2000 of the Court of S.O.J.M. Balasore and the investigation which is in progress in connection with that case. It appears from.Annexure-1 that on the basis of the FIR by the Deputy Registrar, Co-operative Societies. Balasore Division, Balasore lodged on 24.7.2000 Balasore Town P.S. Case No. 182 of 2000 for the offence u/s 406, IPC was registered for an investigation about the financial irregularity/impropriety of the Petitioner as the President of the Central Co-op. Bank, Balasore. 3. The main thrust of argument of learned Counsel for the Petitioner is that in view of the relevant provision in Orissa Co-operative Societies Act, 1962 (in short 'the Act") and the nature of responsibility and duties assigned to President the whole allegation is misconceived and it cannot constitute an offence u/s 406, IPC. Learned Counsel for the Petitioner however does not answer to the question put by this Court as to whether the investigation of the case is Closed. On the other hand, he states that since such a case could not have been registered for investigation, therefore, Petitioner prays for quashing of the criminal proceeding whether the investigation is pending or closed. In that respect, learned Standing Counsel states that the C.D. available with him does not indicate if the investigation has been closed. However, he fairly states that he does not know the upto date position in that respect. The FIR discloses the allegation of financial irregularities and importantly therefore, registration of the case under See 406, IPC ipso facto Hoes not render the investigation or the proceeding illegal so as to prevent the investigation into the offence alleged to have been committed. If after completion of investigation it shall be found that Petitioner has no link/connection or involvement with the alleged crime or any crime whatsoever then naturally the investigating agency shall come with a Final Report. On the other hand, after completion of investigation if the investigating agency shall find that Petitioner has committed some other offence and not the offence u/s 406, IPC then law does not prevent the investigating agency to file Final Form accordingly. In other words, at the stage of investigation, quoting a particular offence does not render the investigation invalid or illegal. In other words, at the stage of investigation, quoting a particular offence does not render the investigation invalid or illegal. Apart from that, it appears from the certified copy of the order-sheet of the Court below that Petitioner after surrendering in the Court below has been allowed to go on bail and the lower Court is awaiting for the Final Report. Since there has been allegation of financial impropriety as per the averment in the FIR, this Court does not feel it proper to close the investigation or to quash the criminal proceeding. However, it is for the Petitioner to approach the appropriate forum if the investigation shall turn against him. Under such circumstances, the application u/s 482, Code of Criminal Procedure stands rejected. Intimate the Court below. Final Result : Dismissed