[ecis2016.org] The Madras HC has directed the EOW of the Tamil Nadu police, to take into custody three erstwhile officials of Disc Assets Lead (India) Limited, and secure the documents related to immovable properties and other valuables, in an alleged Rs 1,137-crore cheating case
The Madras High Court has directed the Economic Offences Wing (EOW) of the Tamil Nadu Police to take into custody three erstwhile officials of Disc Assets Lead (India) Limited, lodged in the Madurai central prison and probe their assets in the alleged Rs 1,137-crore cheating case. A bench, comprising justices M Sathyanarayanan and N Seshasayee, before which the matter came up for hearing on November 14, 2018, directed the investigating agency to take the three to the registered office of the company in Madurai and other places, to secure the documents related to immovable properties and other valuables.
You are reading: Madras HC directs the EOW to quiz three company officials, probe assets in Rs 1,137-crore cheating case
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The matter relates to the alleged cheating of 12 lakh depositors of their investment, to the tune of over Rs 1,137 crores, by the Madurai-based Disc Assets, which was formerly into agri business, after offering farm land for purchase on instalment basis and assuring to maintain them. The court had appointed Vasanthakumar, a retired chief justice of the Jammu and Kashmir High Court, as the administrator of Disc Assets, for taking over the properties of the company, to settle the dues of the depositors.
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The bench, while denying bail to the three – erstwhile managing director V Janardhanan and directors NM Umashankar and N Arun – granted the investigators the right to break open lockers, if any and take an inventory of all articles found in them. It allowed them to also videograph and photograph the items, if required. The counsel for the three submitted that they had furnished the property documents, worth about Rs 450 crores, before the justice N Paul Vasanthakumar-headed committee, which was appointed by the first bench of the high court to go into the matter. However, the counsel for the committee objected to the bail plea of the three.
The division bench, which refused temporary interim bail, said, “In the light of the facts and circumstances, this court is of the view that interim prayer sought for by the petitioners, for the temporary release or interim bail, cannot be considered for the present.” The court directed the superintendent of Central Prison, Madurai, to hand over custody of the three to the investigating agency, between 10.30 am and 5.30 pm every day, from November 19 to November 27, 2018. The bench then posted the matter for further hearing to November 28, 2018.
Source: https://ecis2016.org/.
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Source: https://ecis2016.org
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