State Government has issued an order in this regard
The Coimbatore district administration and the Coimbatore Rural Police will soon begin the process of compensating the duped investors of the now-defunct Fine Future firm. According to sources, the first phase of the compensation distribution would begin soon as the State Government had issued an order in this regard.
The Home Department in its order (476/2013) dated July 10 had said that the administration and police could go ahead to disburse the Rs. 3.76 core, obtained in part by selling jewellery worth Rs. 2.71 crore. The police had seized Rs. 1.05 crore in cash from Fine Future promoters.
The sources said that the District Revenue Officer, Coimbatore, would have to file an original application before the Coimbatore court hearing cases filed under the Tamil Nadu Protection of Interests of Depositors (in financial establishments) Act, 1997. And based on the court order, the officer would have to start disbursement.
The sources said that there were 9,000-odd duped investors and the money they had invested amounted to Rs. 70 crore. All the investors would be compensated but in phases. The District Crime Branch police investigating the case had identified more assets – nine vehicles worth around Rs. 1.20 crore, houses and lands.
The police were in the process of documenting those for sending a proposal to the Home Department for necessary orders. Once the government issued the orders, the district administration and the police would liquidate the same for disbursement among the investors.
As for the first disbursement, the administration and the police would do it in a proportionate manner so that all the investors got an equal share in percentage terms.
The police sources cautioned the public from transacting properties bought by the Fine Future promoters using the investors’ money.