Has Financial Offences Wing of T.N. police ever solved a case inside affordable time, asks Madras Excessive Court docket

Justice G. Jayachandran of the Madras Excessive Court docket on Monday (August 18, 2025) needed to know whether or not the Financial Offences Wing (EOW) of the Tamil Nadu police had ever delivered to logical conclusion, inside an affordable time, any case involving the duping of gullible depositors by monetary corporations.

The choose requested an Further Public Prosecutor (APP) to level out a single case, in the complete historical past of EOW, through which it had accomplished the probe swiftly, recovered the cash because of the depositors and obtained conviction of the accused earlier than the trial courtroom inside two years.

He expressed anguish over the EOW prolonging the investigation in circumstances booked below the Tamil Nadu Safety of Pursuits of Depositors (in Monetary Institutions) Act of 1997 and the Banning of Unregulated Deposit Schemes Act of 2019 for years collectively with out a lot progress.

The choose mentioned, the specialised wing established for investigating financial offences had hardly ensured the culprits had been secured on the earliest and their property had been recognized, frozen and disposed of inside an affordable time to offer some aid to the depositors.

The observations had been made in the course of the listening to of a bail petition filed by T. Devanathan Yadav, the previous chairman-cum-managing director of Mylapore Hindu Everlasting Fund Nidhi Restricted, who stays incarcerated since August 2024 for allegedly defaulting ₹618 crore to round 5,600 depositors.

Advocate N.G.R. Prasad, representing Mylapore Hindu Everlasting Fund Buyers and Depositors Welfare Affiliation, mentioned, the members of the affiliation had been from center class households and subsequently, determined to get again their hard-earned cash deposited within the monetary establishment.

Agreeing with him that return of cash to the depositors must have been the primary precedence of the investigating company, the choose questioned what would the EOW achieve by merely retaining the accused in custody for years collectively with out taking steps to liquidate his property and settle the depositors.

The choose requested senior counsel S.T.S. Moorthy, representing the bail petitioner, to submit by subsequent week a listing of all of the properties that may very well be liquidated for the aim of settling the depositors. The choose mentioned, the petitioner’s plea for grant of bail can be thought of provided that he comes up with details.

Earlier, the APP advised the courtroom although the police had obtained a listing of properties from the petitioner, it was discovered most of them had been affected by one form of encumbrance or one other thereby making it inconceivable to eliminate these properties for the aim of settling cash to the depositors.

Justice Jayachadran mentioned the Mylapore Hindu Everlasting Fund was an age-old establishment that had been functioning with none main complaints since 1872. It was solely now it had come into opposed discover due to maladministration and the illness have to be cured, he added.