The Madras High Court Bench here has denied anticipatory bail to four former directors of Rajakkamangalam Benefit Fund in Kanyakumari district in a case booked against them under Tamil Nadu Protection of Interests of Depositors (In Financial Establishments) Act, 1997, for allegedly cheating investors by promising interest at the rate of 18 per cent for their deposits.
Common order
Justice V.M. Velumani dismissed their individual advance bail applications through a common order after observing that their custodial interrogation was absolutely necessary since the police feared that they had cheated depositors to the tune of several crores of rupees though about 62 complaints had been received till August 16 for defaulting deposits to the tune of Rs.95 lakh. The judge also recorded the submission of the prosecution that the firm had also offered jewel loans, re-pledged those jewels with other firms and purchased immovable properties in the names of family members of the Directors.
Four former directors of Rajakkamangalam Benefit Fund booked for allegedly cheating investors
