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Latest Court Judgement &

 

Important Convictions

 

 

Latest Judgement:-

    • The constitutional validity of TNPID Act  was upheld by the Hon’ble Justice Tr. Sathsasivam of Madras High Court in the year 1999. It was again challenged in view of the Order passed by the Hon’ble full bench of Bombay High court declaring the “Maharastra protection of Interests of Depositors [ in financial Establishments] Act 1999 [ known as MPID (FE) act]” as ultra virus.   The full bench of Madras High court again upheld the constitutional validity of the TNPID Act on 02.03.2007.

     

    • In the light of the conflicting contentions of both the sides the full bench analyzed the following two issues.

    1.    Whether the Tami Nadu Act stands the test of reasonableness and does not violates articles    14,19(1) (g) and 21 of the constitution of India and the principles of natural justice

    2.    Whether the Tamil Nadu Government has legislative competence to enact the Tamil Nadu Act

    • The Hon’ble full bench has elaborately discussed the various provisions of Tamil Nadu  Act and citations and held that

    1. Cardinal principles of natural justice are not violated.

    2. There is no arbitrations or un-reasonableness in the procedure prescribed under section 3,5 and 8 of the Act, nor there is unguided power conferred on the Competent Authority or the Special Court in this regard.

     

    3. There is no violation of Articles 14,19(i),(g) and 21 of the Constitution of India as the punishment prescribed in the Act is not excessive and harsh and sections 3, 5 and 8are intended to assure a checkmate on the abuse of the tactics adopted by the financial establishments and they do it see any arbitrariness or un-reasonableness or violation of Articles 14,19 (1) (g) and 21 of the constitution of India.

    • Thus the Full Bench has held that

    1. The field of legislation, viz, Tamil Nadu Act is traceable to entries 1 and 32 of list –I, besides falling under entries 1, 7 and 8 in the concurrent list.

    2. The impugned Tamil Nadu Act does not fall within the legislative field of the Union list [List –I ] and

    3. Though there is trenching, the same is only incidental, which is permissible in Law.

    • Thus the Hon’ble Full Bench of Madras High Court held that the Tamil Nadu Protection of Interest of Depositors { in financial establishments }Act 1997 does not suffer any  legislative competency ;  nor its provisions are arbitrary and unreasonable, violative of principles of natural justice; nor offends Articles 14, 19 (1) (g) and  21 of  the  Constitution of India.

    Important Conviction:-  
                                                       

    1.CHENNAI EOW-II Cr.Nos.16,17/98  U/s 5 0f TNPID Act

            JSP Enterprises had cheated 2249 depositors to the tune of Rs. 39,53,500/-. In this case accused Manavallan was arrested and prosecuted. He was convicted and sentenced to under go RI for 10 years and fined Rs.1,00,000/-, by the Hon'ble Spl Court, TNPID, Chennai on 31.12.2000.

    2. CHENNAI EOW-II Cr.No.1583/97  U/s 5 0f TNPID Act

              Lakshmi Thangamaligai  had cheated 125 depositors to a tune of Rs. 1,80,000/-. In this case accused Thiyagarajan and D.Nandakumar were arrested and prosecuted. They were convicted and sentenced to under go RI for 10 years by the Hon'ble Spl Court, TNPID, Chennai on 13.07.2001.

    3.ERODE EOW-II Cr.No 01/2003 U/s 5 0f TNPID Act

                A.S.Finance  had cheated 7 depositors to a tune of Rs. 10,24,500/-. In this case  accused Arumugam was arrested and  prosecuted. He was convicted and sentenced to under go RI for 3 years for each counts and fined Rs. 75,000/- by Spl Court, TNPID, Chennai on 18.08.2005.

    4.TRICHY EOW-II Cr.No 02/2002 U/s 5 0f TNPID Act

               Maruthi Bearings  had cheated 9 depositors to a tune of Rs. 7,82,000/-. In this case  accused Ramamurthy was arrested and prosecuted. He was convicted and sentenced to  under go RI for 10 years by the Hon'ble Spl Court, TNPID, Chennai on 06.09.2005.

    5.VELLORE EOW-II Cr.No 212/1997 U/s 5 0f TNPID Act

                Amirtham Finance  had cheated 113 depositors to a tune of Rs. 42,07,500/-. In this case  accused NandaGopal, Meera & Sanker  were arrested and prosecuted. They were convicted and sentenced  to under go RI for  13  years  and Fined Rs.50,000/- each  in default to under go RI for another 6 months. by Special Court, Chennai on 06.09.2005

    6.COIMBTORE EOW-II Cr.No 14/1999 U/s 5 0f TNPID Act

               Andavar Finance  had cheated 126 depositors to a tune of Rs. 79,12,330/-. In this case accused Periyadurai, Chinnadurai & Devaraj were arrested and prosecuted. They were  convicted and sentenced to  under go RI for 5 years and fined Rs.49,80,000/- by the Hon’ble Spl Court, TNPID, Chennai on  19.10.2005. 

    7.CHENNAI EOW-II Cr.No 08/2000  U/s 5 0f TNPID Act

           Maruthi Finance  had cheated 93 depositors to a tune of Rs. 1,61,00,000/-. In this case accused Mugunthan was arrested, prosecuted. and was convicted and sentenced to  under go RI for 5 years and   fined Rs.69,00,000/- ,by the Hon’ble Spl Court, TNPID, Chennai on  09.03.2006.

                                   
    8. KANNIYAKUMARI EOW-II Cr.No 01/2004 U/s 420 IPC

                  VJR Bankers had cheated 4 depositors to a tune of Rs. 6,64,734/-. In this case  accused accused Joseph Raj was arrested and prosecuted. He was convicted and sentenced to under go RI for 5 years and fined Rs. 40,000/- on 14.03.2007 by Chief Judicial Magistrate, Nagercoil.

    9. KANNIYAKUMARI EOW-II Cr.No 02/2002 U/s 420 IPC

                 Sri Murugha Finance had cheated 4 depositors to a tune of Rs. 4,08,000/-. In this case  accused -Karthikeyan Pillai was arrested and prosecuted. He was convicted and sentenced to under go RI for 5 years and fined Rs.40,000/- on 29.03.2007 by Chief Judicial Magistrate, Nagercoil.

    10. KANNIYAKUMARI EOW-II Cr.No 05/2003 U/s 420 IPC

                  SPS Bankers had cheated 10 depositors to a tune of Rs. 16,65,142/-. In this case accused Rajendran, Kandasamy, Alagappan & Sivarajan were arrested and prosecuted. They were convicted and sentenced to under go RI for 5 years and fined Rs.40,000/- on 29.03.2007 by Chief Judicial Magistrate, Nagercoil.

    11. COIMBTORE EOW-II Cr.No 18/2003 U/s 5 0f TNPID Act

               Sri vijayalakshmi Finance  had cheated 40 depositors to a tune of Rs. 42,75,250/-. In this case accused  were arrested and prosecuted. They were  convicted and sentenced to  under go RI for 3 years and fined Rs.5,60,000/- by the Hon’ble Spl Court, TNPID, Chennai on  27.10.2009

    12. COIMBTORE EOW-II Cr.No 25/2003 U/s 5 0f TNPID Act

               Sri Bhavaneswari Finance  had cheated 5 depositors to a tune of Rs. 6,30,000,/-. In this case accused  were arrested and prosecuted. They were  convicted and sentenced to  under go RI for 3 years and fined Rs.5,60,000/- by the Hon’ble Spl Court, TNPID, Chennai on  27.10.2009. 

    13. KANNIYAKUMARI EOW-II Cr.No 01/2003 U/s 409 IPC

                  SGA Bankers had cheated 153 depositors to a tune of Rs. 54,30,244,/-. In this case accused were arrested and prosecuted. They were convicted and sentenced to under go RI for 5 years on 17.07.2009 by Chief Judicial Magistrate, Nagercoil.

    14.CHENNAI EOW-II Cr.Nos.613/98  U/s 409,420,120(b) IPC & 5 0f TNPID Act

    Barhav Finance and investments  had cheated 118 depositors to the tune of Rs. 82,52,000/-. In this case accused were arrested and prosecuted. A.1, Financial Establishments  was Fined Rs.1,00,000/- and A.2, Vanaja Chakkaravarthy has convicted and sentenced to under go RI for 7 years and fined Rs.1,00,000/-, by the Hon'ble Spl Court, TNPID, Chennai on 30.07.2009.

    15. KANNIYAKUMARI EOW-II Cr.No 11/2003 U/s 409,420 IPC

                  J.K. Bankers had cheated 7 depositors to a tune of Rs. 4,57,306,/-. In this case accused were arrested and prosecuted. They were convicted and sentenced to under go RI for 3 years and Fine Rs.8,000/- on 12.06.2009 by Chief Judicial Magistrate, Nagercoil.

    16. VIRUDHUNAGAR  EOW-II Cr.No 3/2004 U/s 406,420 IPC

                  Sri Parasakthi Marriamman small saving had cheated 4 depositors to a tune of Rs.1,36,663,/-. In this case accused were arrested and prosecuted. They were convicted and sentenced to under go SI for 5 yearsand Fined Rs.3000/- on 20.09.2010 by Chief Judicial Magistrate, Virudhunagar.

    17. COIMBTORE EOW-II Cr.No 23/2000 U/s 406,120(b) IPC and 5 0f TNPID Act

                Sree Ramakrishna Funds  had cheated 68 depositors to a tune of Rs. 1,13,57,500,/-. In this case accused  were arrested and prosecuted. They were  convicted and sentenced to  under go RI for 5 years and fined Rs.18,50,000/- by the Hon’ble Spl Court, TNPID, Chennai on  30.10.2010.

    18.  MADURAI, EOW-II Cr.No. 01/2008  U/s 406, 420 IPC and Sec. 5 of TNPID Act.

               

               Sivasakthi Small Savings had cheated 35 depositors to the tune of Rs. 4,03,175/-.  All the 5 accused were arrested and prosecuted.  Accused A1 was convicted and sentenced RI for 10 years and fined Rs.1,00,000/- and A2 to A5 were discharged from charges by the Hon'ble Spl. TNPID Court, Madurai on 10.08.2012.

     

    19.  MADURAI, EOW-II Cr.No. 05/2003  U/s  5 0f TNPID Act.

                  Sree Yogalakshmi Finance had cheated 21 depositors to the tune of Rs.13,06,000/-. Accused A-1 Rajendran and A-2 Elangovan were arrested and prosecuted.  Both of them were convicted and sentenced for 8 years RI and fined Rs.3,50,000/-  by the Hon'ble Spl. TNPID Court, Madurai on 25.06.2012.

     

    20.  VILLUPURAM, EOW-II Cr.No. 01/2007  U/s 420 IPC.

              Hindustan Furniture Mart had cheated 12 depositors to the tune of Rs.8,86,578/-.  Accused A-1 Vishwanathan and A-3 Jeyapaul were arrested and prosecuted.  Accused A-2 Dhanishlal @ Mohankumar was absconding from the date of FIR, hence, the charge sheet has been split up and trial was conducted.  Both, A-1 and A-3 were convicted and sentenced to under go 7 years RI and fined Rs.10,000/- by the Hon’ble CJM, Villupuram on 19.07.2012.

     

    21.  CHENNAI, EOW-II Cr.No.11/2005  U/s 5 0f TNPID Act .
             

                  Accused Anandha Krishnan and Balaraman had cheated 2 depositors to the tune of Rs. 4,00,000/-. Both of them were arrested and prosecuted.  A-1 was convicted and sentenced for 5 years RI and fined Rs.50,000/- and A-2 was discharged from the charges by the Hon'ble Spl. TNPID Court, Chennai on 31.01.2012.

     

    22.  ERODE, EOW-II Cr.No. 02/2008  U/s 5 0f TNPID Act. - MONISHA FINANCE

        

                 Monisha Finance had cheated the complainant to the tune of Rs.1,50,000/-.  Accused Karthikeyan was arrested and prosecuted. Accused was convicted and sentenced for 4 years RI and fined    Rs.2,00,000/- (Company – Rs.1,00,000/- and A-1  Rs. 1,00,000/-) by the Hon'ble Spl. TNPID Court, Coimbatore on 01.08.2012.

               

    23.  TIRUNELVELI, EOW-II Cr.No. 01/2008 U/s 420 IPC and SEC. 76 &80 OF CHIT FUND ACT

           MONTHLY AUCTION CHITS

                In this case, the defaulted company had cheated the complainant to the tune of Rs.3,20,326/-.  Accused S. Esaki, S/o. Subbaiya Pillai was arrested and prosecuted.  Accused was convicted and sentenced for 4 years RI and fined Rs.10,000/- by the Hon'ble CJM, Tirunelveli on 03.10.2011.

     

    24.  NAMAKKAL, EOW-II Cr.No. 06/2010  U/s 420 IPC and Sec. 5 of TNPID Act .

     

                Venkateswara Investment company had cheated 5 depositors to the tune of Rs. 7,00,000/-. Accused Subburayan was arrested and prosecuted.   Accused was convicted and sentenced for 3 years RI and fined Rs.1,00,000/- by the Hon'ble Spl. TNPID Court, Coimbatore on 30.07.2012.

     

    25.  MADURAI, EOW-II Cr.No. 02/2005  U/s 406, 420 and 120(B) IPC. - MONTHLY AUCTION CHITS

                 In this case, the defaulted company had cheated 8 depositors to the tune of Rs.1,60,000/-. Accused  A-1 Chandran, W/o. Kannabiran, A-2 Kannabiran, S/o. Raj were arrested and prosecuted.  Both of them were convicted and sentenced for 3 years RI and fined Rs.2,500/-  by the Hon'ble CMJ, Madurai on 28.02.2012.

     

    26.  KANYAKUMARI,  EOW-II Unit Cr.No.07/2003  U/s 409, 420 IPC .

                 Saraswathi Bankers had cheated 13 depositors to the tune of Rs. 14,50,500/-. Accused A-1 Vijayakumar, S/o. Ramakrishnan and A-2 Sugaran, S/o. Ramakrishnan were arrested and prosecuted. Both of them were convicted and sentenced for 3 years RI and fined Rs.90,000/- by the Hon'ble CJM, Nagercoil on 24.06.2011.

     

    27.  COIMBATORE, EOW-II Cr.No. 10/2006  U/s 420 IPC and Sec. 5 0f TNPID Act .

                  Indu Finance had cheated 26 depositors to the tune of Rs. 69,45,000/-. Accused A-1 Shanmugam, A-2 Sampath Kumar were arrested and prosecuted.  Both of them were convicted and sentenced for 2 years RI and fined Rs. 28,000/- by the Hon'ble Spl. TNPID Court, Coimbatore on 14.03.2012.

     

    28. CUDDALORE, EOW-II Cr.No. 01/2005  U/s 420 IPC –  MONTHLY AUCTION CHITS


                            In this case, the defaulted company had cheated the complainant to the tune of Rs. 15,368/-.  Accused A-1 Purushothaman, S/o. Dhanapani and A-2 Gunasundari, W/o. Purusothaman were arrested and prosecuted. Both the accused were convicted and sentenced to undergo one year R.I. and fined Rs. 8000/- by the Hon'ble CJM, Cuddalore on 12.09.2011.

     

    29. NAMAKKAL EOW-II Cr.No. 05/2010  U/s 420,506(II) IPC r/w 5 of TNPID  Act - MONTHLY AUCTION CHITS
                            In this case the defaulted company had cheated the complainant to the tune of Rs.25,96,000 Accused A1-Sivagnanam,A2-Manickam,A3-Parvathy. Accused A1 and A3 were discharged from the case and A2- Manickam was  convicted and sentenced to undergo three years R.I. and fined      Rs. 1,30,000/- by the Hon'ble Coimbatore TNPID Court on 02.01.2013.

     

    30. KANYAKUMARI, EOW-II Cr.No. 05/2008  U/s 420 IPC & 5 of TNPID Act
                            Arun Bankers had cheated the complainant to the tune of Rs.27,30,000/-.Accused were arrested and prosecuted. A1-is Company, Accused A2.Kumar was convicted and sentenced to under go seven years R.I. and fined Rs. 60,000/- for A3 was convicted 2 years R.I and fined Rs.35,000/-, by the Hon'ble  Madurai TNPID Court on 14.02.2013

    31. COIMBATORE,  EOW-II Cr.No02/2008 u/s 5 of TNPID Act – MARUTHAMALAI CHIT FUND.
                            Maruthamalai Chit fund had cheated the complainant to the tune of Rs.
    1,06,00,970/-. Accused were arrested. A1- Company, A3 Senthil Kumar – Died, Accused A2 & A4 were sentenced  RI for one year, not fined and granted one month bail upto 28.05.2013 by the Hon'ble Spl. TNPID Court, Coimbatore on 29.04.2013.

     

    32. VILLUPURAM,  EOW-II 2/2012, u/s. 420 IPC & 4 of Chit Fund Act - MONTHLY AUCTION CHIT.


                                       
    In this case the defaulted company had cheated the complainant to the tune of Rs.4,99,860/-. Accused A1 – Paramasivam, A2 – Kandasamy, A3 – Arumugam and A4 – Rukku @ Rukkumani. Accused A1 was convicted and sentenced to undergo 4 years RI and fined Rs.2000/- by the Hon’ble CJM, Villupuram on 21.05.14.