ALWARPET BENEFIT FUND LTD.

 I. Gist of the Case

    On the basis of complaints for non refund of deposit amount, a criminal case was registered against ABF directors by Chennai City Police, CCB on 26.08.1999, later transferred to EOW-II Chennai on 15.01.2000 for further investigation. On the orders of Honourable High Court Justice Tr.S.Padmanabhan (Retd) was appointed as Commissioner to take over the management on 28.10.1999.

 II. Accused Details:

            Accused Rajarathinam is settled at London and extradition proceeding is in progress through Interpol, CBI, New Delhi. 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 up to Rs.6, 000 so far completed]
7. Depositors benefited partly: 35,368
8. Refund of 7th Installment has completed by July 2007.
9. Action is being taken in association with the Commissioner for the speedy sale of properties attached.
10. New Commissioner Justice V.Bhakthavatchalu assumed charge on 12.02.2007.

 IV.  Efforts taken by EOW-II

 1.   Investigation completed and charge sheet filed in 2005.
 2.   3 accused have been declared as Proclaimed Offenders.
 3.   EOW assists the Commissioner in the collection of money from borrowers.
 4.   A sum of Rs.2 Cores was collected from the borrowers during the year 2006.
 5.   OA was filed for absoluting the properties (Authorization GO received) worth Rs.20 Crores.

 V.   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).

 VI.  Latest Development:

 1. Payment of 7th installment amounting to 35% of the deposit has been completed. 
 2. The Commissioner of ABFL is taking steps to auction the properties worth Rs.8 Crores and Rs.5 Crores was in the account of the Commissioner which is insufficient for disbursement.
 
 VII. Request to Depositors

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