SUPRABATH CHITS AND INVESTMENTS

SUPRABATH CHITS AND INVESTMENTS:

Gist of the case

The accused K. Babu @ Kannaiah and 14 others originally opened the M/S. Suprabath Chits & Investments (P) Ltd. ,M/S. Krishna Finance, M/S. Balaji Hire Purchase (P) Ltd, as a Firm and collected fixed deposits by promising to give high rate of interest 24% and incentives and thus deceived him to deposit his money in the Financial Establishment. Based on the complaint a case in EOW II Cr. No. 03/09 u/s 420,406,409 r/w120 (b) IPC and 5 of TNPID Act and 3 & 5 of Chit Fund Act was registered on 29.09.09 for further investigation.

Accused details :

Accused Arrested	Surrendered	Accused obtained A/B
1.G. Devarajan,	1. Kanniyan @ Babu	1. K. Srinivasan,
2.Uma Nagarathinam	2.K. D.Sulochana	2. T. Kannappa Gurukkal,
3.Smt. T.S. Gowri Rao,	3.Chitra Devi	3. K. Kothanda Naidu,
	Died	4. P. Sukumar,
	1.Shanthabai Ammal (D)	5. N. Kuppuswamy Naidu,
	2.Damodharan (D)	6. T.Venkatasubbaiah

Properties Identified:

1. Cr.No.3/09, U/s. 420,406,409 r/w120 (b) IPC and 5 of TNPID Act and 3 & 5 of Chit Fund Act

2. Total amount involved: Rs. 23,12,59,636/-

3. Total No. of depositors: 1242

4. Police Complaints: 1242

5. Amount involved in the Police complaints: Rs. 23,12,59,636/-

6. Amount settled: Nil.

IV. Efforts taken by EOW-II:

1. Speed up the process of taken over the possession and sale of the attached property in association with DRO/Chennai.

V. Details of Property:

1.	32-Immovable Properties (Vacant Land and Buildings attached by G.O.Ms.215/2010. 23.02.2010	Rs. 21,00,00,000
2.	Cash at R.O.C. office	Rs. 35,75,000
3.	Silver Articles (Kept in DRO/Chennai) (11Kg) worth	Rs. 5,00,000
4.	Tata Indica Car Released Amount	Rs. 50,000
		Rs. 21,41,25,000

VI. Latest Development:

The attachments of properties of the accused for 32 immovable properties were identified and proposal was submitted to the Government to issue G.O. The Government on 23.02.2010 accepted the proposal and issued a G.O. vide G.O.Ms.No.215/2010. The DRO, Chennai filed a petition in OA.85/2010 before the Special TNPID Court, Chennai for getting absolute order on 17.05.2010. Out of 15 accused A.1 to A.14 has filed their counter. A.15 Tr.P.Sukumar (Advocate) has not filed counter. The Court issued exparte order against A15 Sukumar. The case is posted to 05.07.2011 for taken over possession of the attached properties and filling Proof Affidavit by DRO/Chennai.

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.R.Appasamy

Dy. Supdt. of Police,
Economic Offences Wing II,
Chennai-02.
Mobile No. 044-26220314

VIII Present Stage of the Case:

v U.I.

v O.A.85/2010 filed by DRO/Chennai of absolute order for taking possession of the attached properties. [G.O.MS.NO.215/2010]. The case is posted 05.07.2011.