The Economic Offenses Wing (EOW) has informed the Madras High Court to set up a Special Investigation Team (SIT) to probe the allegations of Universal Trading Solutions Pvt Ltd, a Coimbatore-based firm. Cheated about 73,000 depositors More than ₹ 1,000 crore in Tamil Nadu, Puducherry, Kerala and Karnataka.
Justice G. Jayachandran recorded the submission made on behalf of Abhinay Dinesh Modak, Additional Director General of Police, EOW, Chennai, and closed the contempt of court petition filed against the officer by one of the depositors. The court on June 7, 2022 after hearing 1,616 depositors.
Opposing the contempt petition filed by public prosecutor (criminal side) Ezhanchejian Palanivel, R. Kishore Kumar presented a memorandum issued by the ADGP on March 23 this year, in which an SIT consisting of six police officers under the direct supervision of a Superintendent of Police was constituted. EOW, Chennai.
After recording the contents of the memorandum, the judge directed the SIT to file a status report at the end of every month before the Special Court for Economic Offenses at Coimbatore, till it completes the investigation and files a charge sheet. Gives He also said that the complainant would be entitled to a copy of the status report.
In 2019, Justice Anand Venkatesh of the Madras High Court took serious note of the issue when Universal Trading Solutions, represented by its Managing Director G. Ramesh had filed a petition in the High Court seeking quashing of a First Information Report lodged against him and him. Company by EOW in Coimbatore City.
Then, since a presumption was provided to the court that ₹11.55 crore was to be paid to only 363 depositors, Court appointed retired judge To liquidate the assets of the company and repay the depositors. Only after it was found that the magnitude of the crime was huge in scale, FIRs were registered in other states as well.
Therefore, in June last year while dismissing the 2019 petition, Justice Jayachandran had directed the State to set up an SIT at the earliest to probe the crime.