MADURAI: Taking into account the delay in filing the final report by the Economic Offences Wing (EOW) in a financial fraud case booked in 2022, the Madurai Bench of the Madras High Court recently stated that the government has to evolve a mechanism to ensure that the grievances of the victims are addressed and the objectives of the Tamil Nadu Protection of Interests of Depositors (TNPID) Act, 1997, are achieved.
Justice B Pugalendhi made the comment while hearing a petition filed by Hemalatha seeking direction to the Tiruchy EOW DSP to file the final report in a cheating case booked in 2022 against a firm for allegedly cheating the petitioner and several others with false promises of huge returns for their investment.
The court stated that whoever be the victim, be it an MP or an IAS officer, they are expected to depend on the investigation agency i.e. the EOW in this context, for relief. But the delays occurred in this case as well as others raises questions on the purpose for which the prosecutions have been made. It is not known when the final report would be filed and when the trial will conclude. The government has to evolve a mechanism, the judge said.
Noting that around 7,000 people have complained of losing crores of rupees to shell companies neither registered under the Companies Act nor having permit from the RBI for collection of deposits, the judge said, “EOW is under the impression that they are supposed to act only after a case has been reported before them. They have to understand that they are also liable to prevent such offences and also to ensure that the amount cheated by the accused is appropriated and disbursed to the victims.”