V. REVATHY Vs. STATE

JUDGEMENT

(1.) The petitioner claims to be a partner in one Southern Enterprises (partnership). The business that the partnership was engaged in has not been adverted to anywhere in the affidavit filed in support of this writ petition and it is only the counter filed by R1 to R4 that one ascertains the background and factual aspects of the matter. The partnership, as well as other financial institutions that were started by the petitioner and her husband, had floated schemes calling for deposits from the public.

(2.) Several members of the public were lured into investing in the schemes. When the amounts were not repaid by the petitioner and her husband complaints came to be filed by the investors and cases were lodged under the provisions of the Indian Penal Code as well as the Prize Chits and Money Circulation Schemes (Banning) Act, 1978. The first of the complaints were registered on 25/2/1998 and all complaints were transferred thereafter to the Economic Offences Wing for investigation. Preliminary investigation revealed that the partnership had collected deposits to the tune of Rs.3.6 (approx.) crores from 313 depositors and defaulted in repayment of the same.

(3.) The assets of the financial institution were attached under G.O.Ms.No.360, Home Department, dtd. 3/4/2001. The property which is at issue in this writ petition comprises 6000 sq ft. in patta No.2573 in Survey No.121/5A/1A/1B at No.59, Oragadam Village together with building bearing Door No.6, Parameswaran Street, No.12, S.V.Nagar, Oragadam, Ambattur, Chennai-600 053 (property/property in question).