Park Town Benefit Fund Ltd.

  I. GIST OF THE CASE:

A criminal case was registered against the Chairman and Director of the company by EOW II on 16.02.2001. The Honourable High Court of Madras in its order dated: 26.07.2003 appointed Administrator (Special Officer) Tr.K.Vadivelu Rtd., IGP to take over the management.

  II. ACCUSED DETAILS:

• Totally 12 accused involved in this case, namely 1. P.Balasubramanian, 2. R.Lakshman, 3. R.Vivekanandan, 4. Arulmozhi, 5. P.Ekambaram, 6. Sivakumar, 7. G.Ekambaram, 8. K.T.Shanmugam, 9. Gomathi Sundaram, 10. C.T.Shanmugam, 11. Visalakshi and 12. Ramachandran and no accused have been arrested as they are settling.

  II. HIGH LIGHTS:

• Cr.No.09/2001, U/s.409, 420, 120 (b) IPC.

• Total amount involved in the company: Rs.170 Crores.

• Total no. of depositors: 2, 00, 000.

• Total amount defaulted as per Police complaints: Rs.9,47,85,947/-

• Amount refunded: Rs.9,09,58,922/- (1,797 depositors),

• Balance amount to be refunded: Rs.38,27,025/- (89 depositors),

• Police complaints: Rs.9, 47, 85,947/- (1,886 depositors).

• Settlement is in progress.

  IV. EFFORTS TAKEN BY EOW:

    1.         Collecting the loan amount from the borrowers and repaid 1,797 depositors out of 1,886 depositors.

  V. DETAILS OF PROPERTY:

• A residential house and Park Town Benefit Fund company building owned property of Chairman of the company and 11 Directors houses and lands worth about Rs.10.92 Crores have been identified and proposal has been sent for ad-interim attachment.

  VI.Latest Development:

  i) Repayment is in progress by the Special Officer. During the month of January accused settled Rs.4,50,000/- to 5    depositors.

  ii) A meeting with the depositors was conducted on 15.10.2007. The petitions received during the meeting have been forwarded to the Special Officer for action on repayment.

  iii) The accused / directors have filed a scheme of 100% repayment in a staggered manner. EOW has filed impleading petition insisting on 100% repayment in one stoke. However the Honourable High Court has ordered for a general body meeting of all depositors as GG Mahal on 20.11.2007.

  iv) On 20.11.2007 the meeting among the depositors was conducted at GG Mahal, Arumbakkam, Chennai nearly 1,000 depositors attended the meeting. The meeting was held in peaceful manner.

  v) The accused has got stay against all legal proceedings initiated against the company pending consideration of the scheme for a period of eight weeks from 10.10.2007.

  VII. REQUEST TO THE DEPOSITORS:

• For further information the depositors are requested to contact

Tr.K.Vadivelu, Rtd. IPS Officer, Special Officer, Park Town Benefit Fund, No.17, Mahalakshmi Street, T.Nagar, Chennai-600 017. Phone-044 - 24127442

Tr.P.A.Yakoolam, Investigating Officer Dy. Supdt. of Police, EOW II, Chennai-02. Mobile No.+91 – 98400 96179.