Mere filing of FIR in financial fraud cases not sufficient: HC
1
2
Madurai: Mere registration of an FIR in
financial fraud
cases would not serve any purpose since the object of the Tamil Nadu Protection of Interests of Depositors (TNPID) Act, 1997, is to ensure that the victims got back their money, Madras high court has observed.
The court was hearing the petition filed by Muthukumaran seeking a direction to the
Economic Offences Wing
(EOW) to attach the properties belonging to the Neomax company, which was involved in a financial fraud by collecting money from various people.
Justice B Pugalendhi observed that the TNPID Act was enacted to regulate financial establishments that were exploiting depositors by promising high returns and subsequently defaulting on repayments, leading to widespread public distress.
The judge observed that officials of the EOW are under the impression that they are supposed to act/prosecute only after a case is reported. They have to understand that they are also liable to prevent such offences. If any company is offering interest above the rate of interest prescribed by the Reserve Bank of India, it is the duty of the EOW to ascertain from the company whether they have any registration or authority to collect the deposits and whether they have the means to give such higher returns.
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Neither the govt nor the police are viewing this aspect, and people like the petitioners are lured by such companies.
The judge observed that data, which is available as provided by the EOW, discloses that not even 10% of the amount has been disbursed to the victims. The govt has a moral responsibility to ensure that the victims got back their money. Hence, the judge directed the EOW to look into the allegations by the petitioner and take appropriate action.
This apart, S Srisarankumar, who is the treasurer of the Theni District Neomax Investors' Protection Association, moved court seeking a direction to cancel the bail granted to the accused in the
Neomax financial fraud case
.
However, justice Pugalendhi observed that on mere apprehension alone, the court is not inclined to entertain the petition, the judge observed and dismissed the petition.
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