ALWARPET BENEFIT FUND LTD.

 I.  GIST  OF THE CASE:-

             On the basis of complaints for non refund of deposit amount to a tune of Rs. 11 Crores to 46,000 depositors , a criminal case was registered against ABF Directors by CCB Chennai City Police, on 26.08.1999 and  later it was  transferred to EOW-II Chennai on 15.01.2000  for further investigation.  On the orders of Hon”ble High Court Justice Tr. S. Padmanabhan (Retd) was appointed as Commissioner to take over the management on 26.10.1999 while pronouncing the    Judgement  of the writ petitions in  W.P.No. 14577 and 15292/99.

 II.                ACCUSED DETAILS :

S.No.	Accused Arrested	Anticipatory Bail	Proclaimed offender	Absconding
(1)	K.Sp. V. Shanmugam	Muthusamy	Unamalai Shanmugam	Rajarathinam
(2)	Harshavardhan	Karthikeyan	K.Sp. V. Shanmugam Harshavardhan
(3)	Magesh
(4)	Sivagnanam
(5)	Arunkumar
(6)	Namachivayam
(7)	Sugumar
8)	Elavazhagan
9)	Palani
10)	Sukumar

            Accused Rajarathinam is settled at London and extradition proceeding wass initiated  through Interpol, CBI, New Delhi but the  case was discharged in the Westminister court at London. Red corner Notice issued.

III.             HIGH LIGHTS

(1)   Cr.No. 993/99, u/s 406, 409, 420, 506 (ii) r/w 120 (b) IPC

(2)   Total amount involved Rs. 118 Crores

(3)   Total No. of depositors  46,000

(4)   Police Complaints Rs. 2,25,59,000/- (441 depositors)

(5)   Amount settled : Rs. 45,74,41,000/- (35%)

(6)   Depositors benefited fully : 10,632 (Deposits upto Rs. 6,000 so far completed)

(7)   Depositors benefited partly 35,368

(8)   Refund of 10^th Installment (6 .15 Crores) has completed by May  2010.

(9)   Action is being taken in association with the Commissioner for the speedy sale of properties attached.

                (10)The  Commissioner Justice V. Bhakthavatchalu who assumed charge on  12.02.2007 due to death of Justice Tr.  Padmanaban. Now the   New  Commissioner Retd Justice Tr. Raman was appointed and assumed charge .  

IV.      EFFORTS TAKEN BY EOW – II

    1)           Investigation completed and charge sheet filed in 2005. 3 accused have been declared as Proclaimed Offenders.

    2)                      EOW assists the Commissioner in the collection of money from borrowers.

   3)                      OA was filed for absoluting the properties (Authorization GO received) worth Rs. 20 crores. Because of the Exparte judgement of the Chief Small causes court  the Appeal is being preferred to set the aside the same in Cr.L.O.P Nos.1,2,3/2007.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         

IV.              DETAILS OF PROPERTY :-

 1) 20 Immovable properties worth about Rs. 18 Crores and movable  properties worth about Rs. 2 Crores (Cash and Shares) have been attached and is with the Commissioner for further progress (Attached)

    V.                 LATEST DEVELOPMENT :-

 1)  Payment of 10^th Installment amounting To 50% of the deposit has been  completed in May 2010. .

2) The Commissioner of ABFL is taking steps to auction the properties at Bangalore and Koorki Estate and Karaikudi house  all worth about Rs. 4 Crores. He is having Rs. 2 Crores in the  bank and it is insufficient for the  next disbursement.     

4)    Steps are being taken with the assistance of EOW II to recover the  dues from the  Borrowers.

 VI.              REQUEST TO DEPOSITORS

 In case of any further information required on refund, the depositors may contact the Commissioner.

 VII. Request to Depositors

    In case of any further information required on refund, the depositors may contact the Commissioner.