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Chennai, Apr 19 : The Madras High Court today ordered a CBI enquiry into the alleged cheating of about Rs 1,600 crore of around 48,000 investors who had deposited their money in two finance companies at Tirupur.
Justice C T Selvam passed the order on a petition by an association of depositors who were allegedly cheated by the two private finance companies.
Justice Selvam directed the CBI Director to take up investigation and entrust it to a competent officer.
The state government should provide necessary infrastructure to the central probe agency for conducting the investigation, the court ruled.
In its petition, the association of depositors submitted that Mohanraj, Kathiravan and Kamalavalli were running two finance companies in Tirupur. In the course of their business transaction, the trio lured the public to deposit money by promising high interest rates and attractive returns, they alleged.
The trio did not return the money invested by about 48,000 depositors to the tune of about Rs 1,600 crore within the stipulated time, the petition alleged.
The petitioner submitted that no action had been taken by the economic offence wing of the state police and the central crime branch, Tirupur, despite filing police complaints in 2009 and 2010.
The aggrieved depositors sought a direction transferring investigation of the case from Tamil Nadu police to the CBI.
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