The Hindu : Karnataka / Bangalore News : Viniv Inc asked to file affidavit on refund

Online edition of India's National Newspaper
Wednesday, Jun 20, 2007
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Karnataka

Karnataka - Bangalore

Viniv Inc asked to file affidavit on refund

Staff Reporter

BANGALORE: The Karnataka High Court has directed the prime accused in the Viniv Inc fraud, in which thousands of people lost crores of rupees they deposited with the chit fund firm, to file an affidavit detailing the manner in which he wants to pay back the money the depositors had lost when his firm went bust.

Srinivasa Shastry, the prime accused, and another person had moved the High Court for bail.

When the matter came up, Shastry’s counsel submitted that his client was willing to payback the money he owed to the depositors.

He said his client had maintained the same stand when he was arrested by the Central Police of Bangalore and even now he was willing to pay back the depositors.

The court had asked the State to clarify its stand.

The State said it was willing to ensure that Shastry paid back the depositors but said that the criminal case would have to go on.

The State Public Prosecutor (SPP), S. Dore Raju, said since the crime was registered against the State, it could not be compromised.

The court then asked Shastry to file an affidavit enumerating the scheme under which he would pay back the money he owed to the depositors.

It adjourned further hearing on the case.

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