Amend Act, let IOs attach properties in fin fraud: HC

OBSERVING that District Revenue Officers (DROs), who are authorised to file attachment applications, are overburdened resulting in delay in attaching and selling properties of accused persons in financial fraud cases, the Madurai Bench has directed the state government to take steps to amend the relevant provisions of the Tamil Nadu Protection of Interests of Depositors (TNPID) Act, 1997, delegating the power to investigating officers.

- EXPRESS NEWS SERVICE @ Madurai

Justice B Pugalendhi gave the direction while hearing a batch of petitions filed by some of the victims in a case registered by Economic Offences Wing, Madurai, against Apsal India Pvt Ltd and its sister concerns, which allegedly lured depositors promising high returns but cheated them. The petitioners alleged delay in the investigation and sought to speed up the same or transfer