Tamil Nadu - Madurai   

ADGP hopeful of getting back investments

By Our Staff Reporter

MADURAI, DEC.19. The Additional Director-General of Police, Economic Offences Wing, P. Thangarajan, on Saturday gave hope to over six lakh depositors of getting back their investments, as the process of identifying and attaching property of defaulting private financial institutions had been speeded up by authorising district revenue officers as competent authorities.

Briefing newspersons here, Mr. Thangarajan said the additional commissioner (land administration), who was the lone competent authority earlier, found it difficult to land records across the State, which slowed down the case proceedings. Hence, the task was entrusted with the DROs with effect from September 2002. "Each DRO will be handling only just five to 10 cases," he said.

Out of the Rs.1,748 crores defrauded by the financial companies, Rs. 521 crores had been disbursed to the depositors. Mr. Thangarajan was hopeful of retrieving the remaining Rs.1,200 crores, as already property worth around Rs. 1000 crores had been attached.

Meanwhile, there was a sharp fall in the number of economic offence cases registered in the State in the last five years, he said. While 364 cases were registered in 2000 and the depositors were duped to the tune of Rs.1289.21 crores, this year just 88 cases, involving Rs. 22.42 crores, had been registered till October.

"The effective steps taken by the EOW, armed with the Tamil Nadu Protection of Interests of Depositors Act, and increased awareness among the people of fraudulent private financial institutions have led to the decline in number of cases," Mr. Thangarajan said.

The ADGP and the Deputy Superintendent of Police, EOW, Madurai, R. Sundar, heard the grievances of depositors from Madurai and Virudhunagar districts.

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