K PADMAVATHY Vs. STATE

JUDGEMENT

(1.) THIS Criminal Appeal is filed against the order dated 9. 1. 2008 passed in cr. MP. No. 1228/2006 in CC. No. 24/ 2005 by the learned Special Judge under TNPID act, 1996, Chennai.

(2.) AS per the final report filed by the Respondent, the Appellant, who has been arrayed as A3 in CC. No. 24/2005, along with three other accused were running a Financial Establishment in the name of M/s. Sri Kandiamman Finance at coimbatore/a1 and canvassed the depositors offering higher rates of interest and collected deposits from about 7 depositors to the tune of Rs. 25,30,000/- and defaulted to pay the interest on the deposit of a sum of Rs. 13,27,700/- totaling rs. 38,57,700/- and defaulted to repay the deposit and interest after maturity to the depositors.

(3.) THE said finance Company/a1 had been registered before the Registrar of firms at Coimbatore on 29. 3. 1996 in Registration No. 273/1996. A2 to A5 were the partners of the said finance Company. It is stated by the Prosecution that A2 to a5 had canvassed and collected deposits in the name of A1 from the year 1996 till it was closed. The further allegation is that even before accepting the money deposits, A2 to A5 conspired together with fraudulent intention to default the repayment of money and to misappropriate the said amount converting the same for their own use and thus caused sufferance and loss to the depositors.