P RAMANATHAN Vs. STATE OF TAMIL NADU

JUDGEMENT

(1.) The appellant/writ petitioner is arrayed as Accused No.3 in C.C.No.25 of 2013, on the file of the Court of the Special Judge under the Tamil Nadu Protection of Interests of Depositors (in Financial Establishments), Act, 1997 (hereinafter referred to as the 'TNPID Act') of Madurai.

(2.) The fourth respondent herein filed a charge-sheet in Crime No.1 of 2010 charging the appellant/writ petitioner along with three others for the alleged commission of the offences under Sections 406 and 420 I.P.C read with Section 120(B) I.P.C and also under Section 5 of the 'TNPID Act'.

(3.) A perusal of the charge-sheet would disclose that Accused Nos.2 to 4 were running a financial institution namely 'Zara Solutions' at Door No.107/20, Madura Complex, Ellis Nagar, Bye-Pass Road, Madurai and its sister concerns are namely Zara Restaurant, Zara Bazaar and Zara T.V. One of the complainant came across an advertisement/announcement by the said persons that for the deposit of Rs.25,000/-, a monthly return of Rs.7,500/- will be assured for the first six months and the initial deposit of Rs.25,000/- also will be returned after six months. Believing the same, deposits have been made and since there was a default, number of complaints came to be lodged and the respondent, during the course of investigation, has found that under the banner of Zara Groups, the accused with attractive offers, publicised in a glittering way and thereby collected deposits to the tune of Rs.5,88,66,500/- from 629 depositors and out of the said amount, a sum of Rs.1,79,08,600/- was returned to the depositors and there was a default to the tune of Rs.4,09,57,900/-.