3 months ago
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Over the past 10 years, the Economic Offences Wing (EOW) CID constabulary person registered 616 fiscal fraud cases crossed the State and arrested 3,056 persons. However, lone ₹990.28 crore has been recovered truthful far, an RTI reply has disclosed.
As galore arsenic 5,79,840 investors person mislaid wealth successful specified schemes, but lone a tiny information has been returned to them. According to the RTI response, the cases were registered nether provisions of the Tamil Nadu Protection of Interests of Depositors (Financial Establishments) Act, 1997, the Banning of Unregulated Deposit Schemes Act, 2019, the Indian Penal Code, and different applicable laws.
District-wise recovery
The highest fig of victims was reported successful Chennai, wherever 179 cases were registered, 698 accused arrested and ₹592.84 crore recovered
Tiruchi recorded 37 cases with ₹6.22 crore recovered.
Vellore reported 15 cases with ₹7.96 crore recovered
Karur saw 11 cases with ₹23.04 crore recovered
Nagapattinam recorded 3 cases with ₹7.69 crore recovered
Perambalur had the lowest recovery, astatine conscionable ₹10 lakh
The reply further stated that arsenic of November 2025, the EOW had arrested 3,056 accused successful fiscal fraud cases. The helping has truthful acold recovered ₹990.28 crore from defaulters and distributed it to 5,79,840 depositors who lodged complaints implicit the past decade.
The roots of specified frauds successful the State day backmost decades. In July 1996, the Central Crime Branch of the Chennai City Police began receiving a question of complaints against Sneham Finance and its 20 subsidiaries for defaulting connected fixed deposits collected from the public. The firms allegedly mobilised astir ₹10 crore from astir 6,000 depositors.
Soon after, the CCB investigated the Eswari Group, which reportedly cheated astir 12,000 investors of ₹27.5 crore. Similar frauds by firms specified arsenic Anubhav, GNS Nidhi, Devi Gold House, Royapettah Benefit Fund, Alwarpet Benefit Fund, MCC Finance Ltd., and Ramesh Cars followed, collapsing 1 aft different and leaving depositors stranded.
With victims flooding the CCB, voluminous records were seized, but cases were mostly pursued lone nether IPC provisions related to cheating and fraud.
Against this backdrop, the State authorities enacted the Tamil Nadu Protection of Interests of Depositors (Financial Establishments) Act successful 1997 to safeguard investors and supply for punishment of up to 10 years for offenders. Tamil Nadu became the archetypal State successful the state to enact specified a law. A peculiar tribunal was besides constituted to guarantee speedy trials.
As the Central Crime Branch and section constabulary lacked specialised expertise to probe specified offences, a dedicated portion — the Economic Offences Wing — was formed and began functioning successful January 2000.
The EOW has since registered cases against respective firms, arrested those involved, seized golden jewellery and vehicles, and frozen aggregate slope accounts and properties linked to the accused. The helping present has offices successful 34 of the State’s 38 districts, with implicit 400 unit deployed.
Between 2015 and 2025, 179 cases were reported and 682 accused were arrested successful Chennai. During this period, ₹592 crore was recovered, benefiting 5,23,305 depositors.
In respective districts — including Tiruvallur, Tiruvannamalai, Ranipet, Ariyalur, Pudukkottai, Thanjavur, Krishnagiri, Nilgiris, Ramanathapuram, Sivaganga, Tenkasi, Theni, and Thoothukudi — investors are yet to person refunds.
Notably, successful Thoothukudi and Ranipet districts, nary fiscal fraud lawsuit was registered by the EOW betwixt 2015 and 2025.
