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Challenging the criminal proceedings in C.C.No.6 of 2020 on file of the Special Court for TNPID Act offences, Chennai, the present criminal original petition has been filed.

2.The prosecution case is that based on the complaint dated 21.10.2013 given by Mr.G.Ramadoss, Velachery- 42 against M/s.Viswapriya Financial Services and Securities Ltd., @ M/s.Viswapriya (India) Ltd., and six others, the case is registered in Crime No.5 of 2013 by the respondent police. The allegations in the FIR are that the complainant Mr.G.Ramadoss had invested a total sum of Rs.6,60,000/- in M/s.Viswapriya Financial Services and Securities Ltd., @ M/s.Viswapriya (India) Ltd.,(A1 Company) in seven deposits in the names of his family members and the said company has defaulted to repay the deposits and the interest accrued thereon.

3.The investigation has revealed that the company (A1) M/s.Viswapriya Financial Services and Securities Private Ltd., was started https://www.mhc.tn.gov.in/judis in the year 1991 in ROC No.18-20796 of 1991 and started its non-banking activities from the date of incorporation i.e. on 13.05.1991. The Company within four months from the date of incorporation removed the word “Private” from its name and became a Limited liability Company on 03.09.1991 in the name of M/s.Viswapriya Financial Services and Securities Ltd. (A1). The company was recognized as a Non-Banking Financial company (NBFC) by Reserve Bank of India (RBI) and issued NBFC license on 20.04.1998. Against prudential norms of NBFC, the company collected deposits from the public and invested in Real Estate Businesses. It received deposits under various schemes from the public for an assured interest rate of 10 to 12% for a fixed period of time. RBI which conducted inspection at the Company cancelled the NBFC license on 06.08.2005.

4.Thereafter, on 02.06.2011, the Company changed its name to M/s.Viswapriya (India) Ltd., in CIN No.U65991TN1991PLC020796 and continued collecting deposits under various schemes and diverted the money to other companies formed by them. Between the years 2009 and https://www.mhc.tn.gov.in/judis 2015, the accused A4 R.Subramanian and his above said confederates entered in criminal conspiracy for the purpose of siphoning the deposits collected from the public in deceitful manner. They promoted about 76 companies. The accused A4 R.Subramanian, along with A1 to A3 and A5 to A34 had continued collecting deposits under the four schemes promoted by A1 M/s.Viswapriya (India) Ltd., viz. (1) Prime Invest (2) Asset Backed Security Bond (3) Liquid Plus and (4) Safety Plus.

5.The Company A1 M/s.Viswapriya (India) Ltd., which was collecting deposits from the public, against the RBI norms even after the cancellation of NBFC license for about 6 years i.e. from 2005 and was issuing Fixed Deposits Receipts (FDR) in their name, had cunningly for ulterior motive started issuing FDRs in the name of A2 M/s.Akshayaboomi Investments Private Ltd., & A3 M/s. Quadrangle Trading Services Ltd., promoted and managed by accused A4 R.Subramanian, along with A1 to A3 and A5 to A34. The amount received as deposits through the abovesaid companies were deposited in the account of A1 M/s.Viswapriya (India) Ltd., Between November 2009 and October 2013 nearly about 1100 https://www.mhc.tn.gov.in/judis depositors from across India & abroad have invested their money in the four schemes viz., Prime investment, (2) Assets Backed Security, (3) Liquid Plus (4) Safety Plus, which became defaulted for repayment.