Chennai: The Madras High Court has directed the Tamil Nadu Police Department to submit a report on the actions taken on complaints against financial institutions including Aruthra and Hijavu.
In a petition filed by Ramesh Lakshmipathi from Thiruvannamalai in the Madras High Court, “Many financial institutions operating in Tamil Nadu, including Arutra, Hijavu, LNS, have illegally transferred around 15,000 crores of rupees to foreign countries by claiming that they will give 5 to 15 percent interest every month if they invest the money. Investors are investing their black money as the government does not make any rules to run the companies and private banks are complicit.
Companies that pay interest to investors only for a few months then show losses, shut down and flee abroad. The middle-class people who have invested in such companies suffer a lot and commit suicide as they are unable to get their money back.
Therefore, the cases related to investors losing their money should be transferred to the CBI and the cases should be investigated under the chairmanship of a retired judge of the Madras High Court. “Furthermore, the Tamil Nadu DGP should be ordered to file a report regarding the investigation conducted by the police department against the investment companies that have cheated the public,” he had demanded in the petition.
The case came up for hearing before a bench consisting of in-charge Chief Justice D. Raja and Justice D. Bharatha Chakraborty. The judges heard the case and ordered the police department to file a report on the actions taken by the police department on the complaint against such investment companies. Further, they ordered the petitioner side to file a detailed petition regarding the case and adjourned the hearing to March 24.