Madras High Court Questions Delays in T.N. Economic Offences Wing Cases

Speedy Summary

• Justice G. Jayachandran of teh Madras High Court expressed concern over delays by Tamil Nadu’s Economic Offences Wing (EOW) in concluding cases regarding financial firms that deceive depositors.
• The judge questioned whether EOW had ever successfully completed investigations, recovered funds for depositors, and secured convictions within two years.
• Criticism was made about prolonged investigations under the Tamil Nadu Protection of Interests of Depositors Act (1997) and the Banning of Unregulated Deposit schemes Act (2019), with little relief provided to victims.
• Observations occurred during a bail petition hearing for T. Devanathan Yadav, former chairman of Mylapore Hindu Permanent Fund Nidhi Limited, accused of defaulting ₹618 crore owed to 5,600 depositors since August 2024.
• Advocates representing affected middle-class families emphasized their desperation to reclaim lost money while criticizing lack of prioritization by investigating authorities.
• The judge instructed senior counsel for the accused to provide a list next week detailing properties available for liquidation to facilitate repayment to depositors; bail consideration hinges on this submission.
• The APP disclosed encumbrances affected most identified properties belonging to the accused, complicating settlement efforts.

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