Oriental Benefit Fund Ltd.
 

 I. Gist of the Case

    The Oriental Benefit and Deposit Society Ltd was established in the year 1885 and subsequently incorporated under Companies Act. The object of the company originally was to provide loans at a lower rate of interest for jewels, immovable properties. They accepted FD and long term deposits. This company opened a scheme in 1991 named Vamana Vishwaruba Deposits where Rs.600/- will become Rs.25, 000/- in 21 years. But as per RBI directive the scheme was abruptly closed. The society granted VRS for 65 employees and settled Rs.85 lakhs from the depositor’s money.
    A criminal case was registered against the Directors of Oriental Benefit and Deposit Society Ltd., by EOW II on 14.02.2005.


 II. Accused Details: -

S.No.

Accused Arrested

Accused obtained A/B

1.

Krishna Kumar

Kannan

2.

Goba Kumar

 

 III. High Lights

1.C.No.12/2005, U/s.5 of TNPID Act.

2.Total amount involved: Rs.13.98 Crores

3.Total No. of depositors: 3, 206

4.Police Complaints: 3, 206

5.Amount involved in the Police complaints: Rs.13.98 Crores.

6.Amount from property sold: Nil, G.O.Ms.No.589/2006, dated: 07.07.2006 passed by Government.

7.Amount settled: Nil.

8.Competent Authority / DRO – as per TNPID Act.

 IV. Efforts taken by EOW-II

1. Speed up the process of filing application by DRO before the special court, TNPID Act, Chennai.

 V. Details of property:

 1.   Building at No.108, Adiappa Naiker Street, Chennai-79 owned by the Trust, 1,454 Sq.ft value Rs.5 Crores (Attached).
 2.   Building at No.10, Prakasam Salai, Broadway, Chennai-109 owned by the Trust, 5400 Sq.ft value of Rs.10 Crores.    (G.O.Ms.No.589/2006, dated: 07.07.2006 passed by Government) (Attached).

 VI. Latest Development:

1.    The stay was vacated

2.    Efforts are being taken to file application before the court to get sale order.

 VII. Request to Depositors 

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

Dr.N.Subbaiyan,
District Revenue Officer / Competent Authority,
Collectorate,
Chennai-01.Phone: 044 – 25268322.

Tr.Nachimuthu
  Dy. Supdt. of Police,
  EOW II, Chennai-02.
  Phone: 9842659912

 

 VII. Present Stage of the case

 

DRO is yet to file application before court for making absolute and for sale order.