Recently, The Economic Offences wing of the Central Crime Branch Police was directed by the Madras High Court to identify those directors from HBN Dairies and Allied Limited whose name were present in the immovable properties and take appropriate and immediate action on them as they were facing severe consequences for mobilizing funds from the investors for the sum of Rs. 1,136 crore via illegal money pooling schemes. An Interim order was passed by Justice M S Ramesh based on the petition which was moved by Mr. Immanuel of Chennai who had sought an investigation as directed by the Court against the company and its executives for the illicit activities taken place by them. At the time of hearing the aforesaid petition, the Court had directed the EO wing to coordinate all the district collectors as well as the Superintendent of Police in order to bring about the complaints connected with the issue and also take effective action in order to obtain the certificates related to the properties belonging to the directors of the company as they had illegally mobilized funds from over 20 lakh people through the schemes which involved purchasing of cattle and earning huge profits from the sale of ghee.
There were plethora number of cases filed against the company where there was a FIR registered by the EO wing for the purpose of cheating and criminal conspiracy as per Indian Penal Code and Tamil Nadu Protection of Interests of Depositors Act and also SEBI had imposed 1 crore penalty for indulging in the illegal activities and mobilizing funds from the investors. As per the report, it was brought to light that there were 526 complaints against the company in Tamil Nadu with a sum amounting to Rs. 13.33 lakh.
Courtesy/By: V.S Krishna
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13 Mar 2018
