RPS Benefit Fund Ltd

 I. Gist of the Case

    Accused P.G.Saraniyan opened the registered company in the name of RPS Benefit Fund Ltd and collected deposits and failed to repay the same after the maturity. A criminal case was registered against the Directors of RPS Benefit Fund Ltd by Chennai City Police on 15.10.1999 and subsequently the case was transferred to EOW II on 13.04.2000 for further investigation. The case was registered against the company and its directors, for the default of Rs.6,79,84,288/-  to 19,895 depositors.

 II. Accused Details: -

 III. High Lights

1. Chennai City Crime Branch Cr.No.1183/99, U/s.409, 418, 420, 423 r/w.120 (b) IPC.
2. Total amount involved: Rs.42 Crores
3. Total No. of depositors: 1, 300
4. Police Complaints: 96
5. Amount involved in the Police complaints: Rs.44, 67,969/-
6. Amount from property sold: Rs.3 Crores is in the custody of Official Liquidator.
7. Amount settled by Official Liquidator: Rs.23.10 Crores.
8. On the orders of High Court during the year 2000 the company was liquidated.
9. Investigation has been completed and charge sheet filed on 30.06.2006 but not taken on file.

 IV. Efforts taken by EOW-II

            EOW assists the Official Liquidator, Administrator & Depositor’s Association on various High Court issues and also for speedy refund of the deposits.

 V. Details of Property: -

 1.    Tmt.Hema @ Hemalath, W/o.Premchand coffee estate and Tea estate in SF No.233/1, 233/2 and 248 at Thorappalli Masinakudi Firka,              Ooty Taluk, registered at Gudalur Sub-Registrar Office measuring 62 HA (155 acres). But as per the report of DSP Tr.Bhaskaran in         CA.1078 and 1070/2004, dated: 16.11.2004, 611.5 acres of land properties in the same survey number are available and at present         banana plantations are being cultivated (Rs.10 Crores) (Identified).
 2.     Tmt.Rajalakshmi, W/o.P.G.Saranyanan, House and Ground in Door No.25 (Old No.19) Arathoon Road, Royapuram, Chennai in the         registration Sub-District of North Chennai bearing O.S.No.2339, R.S.No.573. No.3257 measuring 5 grounds and 2102 Sq.ft (Rs.3.5         Crores) (Identified).
 3.     Building with land in Door No.15, 1st cross street, Sylvan Lodge Colony, Kilpauk, Chennai-10 (R.S.No.310/14) registered in West         Chennai measuring 2 grounds and 200 Sq.ft (As per G.O.Ms.No.995, dated: 21.10.2005) (Rs.3.5 Crores) (Identified).
 4.     Property survey No.47, T.S.No.489/05 & 498, Door No.23, Plot No.9, No.6, G.N.Chetty Road, T.Nagar, Chennai-17 (9315 Sq.ft) vacant         land (Worth Rs.3.78 Crores) (Identified).
 5.    Office building at No.16, Ramanathan Salai, T.Nagar, Chenai-17, Area 2626 Sq.ft (Rs.30 lakhs) (Identified).
 6.     Plot No.9 A, Part O.V.Alagesan Street, Ambattur, Saidapet Taluk (2 grounds) (Rs.10 lakhs) (Identified).
 7.     Kodaikannal property Virupatti village in survey no.1641/105, 1652/4, 1652/4, 1654/2 total 11.5 acres (Rs.20 lakhs) (Identified).
 8.     Cash: Rs.5 Crores available with the Official Liquidator ready for disbursement to the depositors (Identified).
 9.     At present a sum of Rs.18.90 Crores is pending with Official Liquidator (Identified).
 10.  Cash seized and available with Official Liquidator Rs.3.3 Crores (Identified).
 11.  Company property at G.N.Chetty Road, T.Nagar, Chennai worth Rs.3.78 Crores has been stayed by the Supreme Court on 27.03.2006.         Counter is to be filed by Official Liquidator (Identified).

 VI. Latest Development: -

    Repayment is being done by the Official Liquidator (55%).

 VII. Request to Depositors: -

    For any further information on refund the depositors may contact: -