Facility will help depositors to communicate online; advice to depositors will also be given
CHENNAI: The latest position of cases relating to non-banking finance companies and unincorporated finance institutions will be available on the Internet when the Economic Offences Wing, investigating cases against them, hosts its website.
Preparations are under way to launch the website. It will be hosted shortly, Additional Director-General of Police, EOW, Archana Ramasundaram, told The Hindu on Tuesday.
The facility is expected to help depositors, several of whom are aged, to know the progress of cases at the touch of a button. Besides, advice to depositors, wherever necessary, will be given. Provision will be made to enable depositors to communicate online. To begin with, the position of nearly 20 important criminal cases will be put up on the website.
The EOW, since its formation in 2000, had registered 1,229 cases, involving a staggering Rs. 1,846 crore due to 10 lakh depositors.
About Rs. 829 crore had been refunded to six lakh depositors and properties identified/attached were worth Rs. 1,438 crore. In 400 cases, further action was dropped as the dues were settled. In nearly 350 cases, orders of compounding and acquittal were given as the defaulted money was settled.
Ms. Ramasundaram said that in 2006, Rs. 95.73 crore was refunded to 3.48 lakh depositors.
Property worth Rs. 18.48 crore had been identified and was under the process of attachment.
Stay resulted in delay
Stay was granted in 94 cases and this resulted in delay in the disposal of attachment proceedings. The stay was vacated on March 2. A caveat was filed in the Supreme Court on March 7. In other cases, where no stay order operated, District Collectors had been requested to expedite sale. Steps had been taken to extradite two important persons involved in cases relating to Madras Motor Finance and Guarantee Ltd and in Anubhav Group of Companies.
Steps were being taken to improve refund to the affected depositors and coordination meetings were being convened with other agencies.