Finance company cheated depositors

ksethuramalingam (Querist) 05 March 2017 This query is : Resolved
Dear sirs,

Mr. X was running a finance co in a viilage,Mukkani (Thoothukudi dist). Hundreds of Farmers and old people deposited their hard earned money in his finance company.He collected Rs.1.50 crores as deposit and ran away. But police caught him and filed a case in Economic offences court in Chennai in the year 2003.Mr.X came out on bail. When a branch of the Madras HighCourt was opened in Madurai,the case was transferred to Madurai. The court attached the personal property of Mr.X valuing Rs.30 to 40 lakhs (apprx). The case is still going on and the value of Mr.X's property to day is around Rs.2 crores. Further Mr.X is having a share in his Father's property. and its value is around Rs.4 crore.He is having a brother.and he also has a share in the father's property. But they are not dividing the property.If property is divided then X share will be attached by court.Many people died during this period.Mr.X arranged his daughter's marriage giving her more than 50 soverigns of Gold. Now he is approaching depositors saying the case will be dragged for another 10 years and he is willing to pay about 25paise for one rupee deposit ( one fourth of their money and the depositors have to pay receipt for full amount). He collected recipt like this from some depositors paying Rs.2.5 lakhs against Rs.10 lakhs) and produced in the court. As the depositors are uneducated and poor they have no choice.I am not a depositor
but wants to help the Poor depositors. KIndly advice me how to do it. Also inform me how to get the case no .

Regards
K.Sethuramalingam

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Guest (Expert) 05 March 2017
Better talk about your problem or concern with the problem, rather than of depositors.

Your sympathy with the depositors is OK, but how you can expect anyone to guess on what ground what type of judgment was delivered by the High Court in the case?

Better show all the documents to some very experienced lawyer locally and ask for help, if still possible after the verdict of the HC.

Ms.Usha Kapoor (Expert) 05 March 2017
contact A GOOD AND EXPERT LABOR lawyer WITH ALL YOUR PAPERS.

Rajendra K Goyal (Expert) 05 March 2017
Without knowing full case details / material facts/ related documents if any, nothing can be advised. Discuss with local lawyer.

Guest (Expert) 05 March 2017
Agreed with Madam RK Goyal

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