GNS Nidhi Ltd.

I. Gist of the Case: -

The accused Karunakaran originally opened the Devi Gold House as a Firm and collected deposits. Further he diverted the deposits to the registered company in the name of GNS Nidhi Ltd and acquired the assets at T.Nagar and collected deposits to the tune of Rs.10 Crores and failed to repay to the depositors even after the matured date. A criminal case was registered against the directors          of Devi Gold House by Chennai City Police on 10.07.1996, later transferred to EOW II Chennai on 13.04.2000 for further investigation.


II. Accused Details: -

Accused arrested

Accused obtained A/B

1. M.Karunakaran

1. Suresh

2.K. Soundarajan,

2. Magesh

 

3. Kalyanasundram ,

4. Ravichandran,

5. Ramnath Prakash,

6. Murali,

7.D.R.Muralidharan,

8. Jagan,

9.. Renuka Ramesh,

10. Venkatesan,

11. Lakshmanan,

12. Stephen,

13. Balasubramani,

14. Viswanathan

15.K.S.Kumar

16.Manikkam

 

III. High Lights

1.Cr.Nos.758 and 969/96, U/s.120 (b), 409, 420, 506 (ii), Sec.3, 4, 5 & 6 of PCMCSB Act.

2.Total amount involved: Rs.10 Crores

3.Total No. of depositors: 7718

4.Police complaints: 85 depositors

5.Amount involved in Police complaints: Rs.67,35,420/-

6.Amount settled: Nil

IV. Efforts taken by EOW-II

1.Investigation completed and charge sheet filed on 08.02.1997 and transferred to CMM Court, Egmore, Chennai C.C.No.1107/97 dated 07.01.05.

2.EOW assists the depositors association in their matters in the Honourable High court.

3.Requested the OL to take over the available assets for sale and refund the deposits along with GNS Nidhi deposits.

V. Details of Property:

1. Building with land sold amount Rs.5.4 Crores  amount pending with O.L.

2. 5 movable properties are recovered by inventory.

3. Cash seized from accused in Rs.3,44,242/- are handed over  O.L. Office

VI.LatestDevelopment:-

 In GNS Nidhi Ltd at present a sum of Rs.5 Crores is available with OL for disbursement. In the mean time depositor’s association of Devi  Gold House have filed an affidavit before the Honorable High Court of Madras vide C.A.No.300/01 praying that the available money may be disbursed equally to the depositors of sister concern GNS Nidhi Ltd.  and it was pending for order in the High Court.


VII. Request to Depositors

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

Tr.BAMP.Rathnasami

Official Liquidator,

Corporate Bhavan,

2nd Floor, No.29, Rajaji Salai,

Chennai-1

Phone No. 044-25271149

Tr.R.Appasamy,
Dy. Supdt. of Police,
Economic Offences Wing II,
Chennai-02.
Phone  No.044-26220314

 VIII   Present Stage of the Case.

1.     Petition filed by Devi Gold depositor’s association in High Court, Chennai vide  C.A.No.300/01 and it was pending for order in the court.

2.     The case is pending trial at CMM Court, Egmore. The case is posted on 25.07.2011 for furnishing copies to the accused.

 

 

Devi Gold House  

I. Gist of the Case: -

Accused N.M.Karunakaran opened a jewellery shop in the name of “Devi Gold House” at T.Nagar and collected deposits to the tune of Rs.25 Crores and failed to repay to the depositors even after the matured date. A criminal case was registered against the directors of Devi Gold House by Chennai City Police on 10.07.1996, later transferred to EOW II Chennai on 13.04.2000 for further investigation.

II. Accused Details: -

Accused arrested

Accused obtained A/B

1. M.Karunakaran

1. Anantha Krishnan

2. Rajendran

2. Senthil

 

3. Ramasamy

4. Balu

5. Badrinathan

6. Gopalrao

7. Jaishankar

8. Sooriyanarayanan

9. Rohinikumar

10. Amutha

III. High Lights

1.Cr.Nos.758 and 968/96, U/s.120 (b), 409, 420, 506 (ii), Sec.3, 4, 5 & 6 of PCMCSB Act.

2.Total amount involved: Rs.25 Crores

3.Total No. of depositors: Rs.14,706

4.Police complaints: 70 depositors

5.Amount involved in Police complaints: Rs.1.42 Crores.

6.Amount settled: Nil

IV. Efforts taken by EOW-II

1. Investigation completed and charge sheet filed on 11.02.1997 and transferred to CMM Court, Egmore, Chennai C.C.No.6352/03 dated 07.01.05.

2. EOW assists the depositors association in their matters in the Honourable High court for equal distribution  of money to both  Devi Gold House and GNS Nidhi Ltd companies.

3.Requested the OL to take over the available assets for sale and refund the deposits along with GNS Nidhi deposits.

V. Details of Property: -

1.  Movable and immovable properties have been attached vide G.O.Ms.No.917, dt: 16.07.98 &  G.O.Ms.No.554, dt:27.06.04.                                                                  
2.  Ashok Nager- Flats worth Rs. 25 Lakhs (Attached).
3.  Cash Rs.24 Lakhs is available with DRO.

VI. Latest Development: -

            I. Ashok Nagar Flats Worth Rs.25 Lakhs  pending in DRO/Chennai for auction.


            II.  In GNS Nidhi Ltd at present a sum of Rs.5 Crores is available with OL for disbursement. In the mean time depositor’s association of Devi Gold House have filed an affidavit before the Honorable High Court of Madras praying that the available money may be disbursed equally to the depositors of sister concern GNS Nidhi Ltd. The High Court has stayed the disbursement of the GNS Nidhi Ltd and directed the EOW II to file a status report for both the cases and is adjourned without mentioning the date. Case may be listed very soon.


VII. Request to Depositors

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

Tr.K.A. Annamalai

DRO/Chennai

Competent Authority,
No.37, Rajaji Salai,
Chennai-600 001.
Phone: 044 – 25229454.

Tr.Appasamy
Dy. Supdt. of Police,
Economic Offences Wing II,
Chennai-02.
Phone No.044-2622314

  VIII  Present Stage of the Case.

1.     Petition filed by Devi Gold depositor’s association in High Court, Chennai vide  C.A.No.300/01 and it was pending for order in the court.

2.     SLP – pending in the Supreme Court .  SLP No.918/07 (Criminal)

3.     The case is pending trial at CMM Court, Egmore. The case is posted on 29.07.2011 for furnishing copies to the accused.