Hope for duped depositors as cops set for action

COIMBATORE: There is finally hope for thousands of gullible depositors in the southern districts, who had lost their hard earned money by investing in three private finance companies, including one in Madurai. The Economic Offences Wing of the State Police has taken steps to seize properties of owners of these firms under the Tamil Nadu Protection of Interests of Depositors (in Financial Establishment) Act 1997. The Act provides for an exclusive trial of the accused in a special court and proportionately disbursing money realised out of sale of the confiscated properties to the depositors.In Madurai, hundreds of people had invested money in Fortune Fair Future Agro Private Limited, a private financial establishment. But the company had defaulted in returning the deposit money even after maturity. Following a complaint from the depositors, the Economic Offences Wing has decided to attach the properties belonging to the company’s owner Nagarajan. “The only immovable property we were able to identify was vast tracts of agricultural lands in Sivaganga district. We have now attached it and the ownership would be transferred to the Madurai District Revenue Officer, who has been identified as the Competent Authority in this case,” a police officer said.Similarly, the police have proceeded against a Virudhunagar-based finance company, Balladic Chits, which had defrauded investors after collecting money from them. “The government has issued an ad-interim order attaching the immovable properties of Sivaraman and Sudhakaran, both of whom are directors of Balaji Chits. The properties include several housing plots in Virudhunagar district,” the police officer said.Another company, which is being investigated for cheating depositors, is the Sivakasi-based Rich India Marketing Company. “We have decided to attach the properties of the company’s proprietor Subburaj. These properties were acquired by Subburaj using the money deposited by gullible people. Over 25 acres in Chinnavadi village in Aruppukkottai Division will be transferred to the competent authority (DRO Virudhunagar),” he added.