ARJUNAN (DIED) Vs. SECRETARY TO GOVERNMENT, HOME DEPARTMENT

JUDGEMENT

(1.) These Appeals have been filed under Sec. 11 of the Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Act, 1997 (for short, the Act) against two separate Orders, both dtd. 19/5/2023 made respectively in O.A. Nos.2 & 3 of 2012 on the file of the Special Court under the Act, Chennai-104 dismissing the Applications filed by the Appellants under Sec. 7(3) of the Act to raise the Orders of Interim Attachment pertaining to the properties owned by the respective Appellants.

(2.) The case of the Appellants leading to filing of these Appeals is as follows:

(3.) Before this Court, the Third Respondent namely the Deputy Superintendent of Police, Economic Offences Wing-II, Chennai filed two separate Counters in both the Appeals wherein he had taken a stand that the Fourth Respondent and his family members were running a Finance Company, that they collected huge deposits, that the money was not paid back to the Depositors, that a First Information Report came to be filed in Crime No.3 of 2009 on the file of the Deputy Superintendent of Police, Economic Offences Wing, Chennai, dtd. 29/9/2009, that the Fourth Respondent utilized the deposits that were collected and purchased the subject properties in the year 2006, that during the course of investigation, it came to light that there are 1197 Depositors and a sum of Rs.34,52,04,228.00 was collected from the Depositors. It was under those circumstances, the subject properties were identified and attached by the said Government Order.