Shoppers Investments

 I. Gist of the Case

    Accused G.Mohan opened the registered company in the name of Shopper Investments and collected deposits from general public and defaulted in repayment to the deposits. A criminal case was registered against the Directors of Shopper Investments by Chennai Crime Branch on 20.07.1998 and subsequently the case was transferred to EOW II on 14.03.2000 for further investigation.

 II. Accused Details: -

 III. High Lights

1. C.No.1030/1998, U/s.409, 420, 120 (b) IPC.
2. Total amount involved: Rs.22.15 Crores
3. Total No. of depositors: 20, 005
4. Police Complaints: 1, 646
5. Amount involved in the Police complaints: Rs.2.69 Crores.
6. Amount from property sold: Nil (G.O.Ms.No.299/1999 passed by Government).
7. The company is under liquidation. The Official Liquidator is taking care of repayment.
8. Amount settled: Rs.18.59 Crores.
9. Official Liquidator has been appointed on the orders of the High Court during the year 2000.

 IV. Efforts taken by EOW-II

 1.         Investigation completed and charge sheet filed before CMM Court, Egmore vide C.C.No.1970/2006.
 2.         EOW assists the OL on various issues for speedy refund of deposits.

 V. Details of property: -

• A flat at No.9, Sadasivam Street, Gopalapuram, Chennai-86 is now functioning as OL office with the concurrence of High Court. This flat mortgaged to Maharastra Apex Corporation Ltd, Manipol. But the company has obtained Court order and E.P. for selling the property (Attached).

• Land owned by M/s.Ready Money Shop and Homes Ltd at Paiyanoor village (27 acres) is under pledge to Oriental Bank of Commerce who have filed a case in DRT, orders awaited (Attached). 

 VI. Latest Devlopment: -

 1.   A company petition in C.P.No.194/1998 in C.A.No.714/2005 has been filed by the Depositor’s Association to get Rs.2.65 Crores from Indian Bank, Chennai with interest paid by the Company as a loan and is being speeded up.  

 2.  The High Court has directed RBI to monitor the fate of transaction and other related issues pending with DRT.

 3.  Two flats at Gopalapuram in Chennai has to be auctioned by OL as per the orders of the Honourable High Court and the defaulter has filed compromise petition before the High Court of Madras.  

 VII. Request to Depositors

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