Chennai: A special court has given three-day police custody to Ravi Parthasarathy, former chairman of insolvent Infrastructure Leasing and Financial Services (IL&FS), who was arrested by the Economic Offenses Wing.
Special Judge M Jothiraman of the court constituted under the "Tamil Nadu Protection of Depositors' Interest Act", passed the order on a petition by the Deputy Superintendent of Police (DSP), Economic Offenses Wing-II in Guindy, ordering the police custody. on June 16.
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According to a complaint by 63 Moons Technologies Ltd and others against Infrastructure Transport Networks India (ITNL) and 21 others, they had bought non-convertible debentures for several crores of rupees.
Ravi Parthasarathy, with the help of other accused, presented rosy financial statements to ordinary investors, including the complainant, and introduced deposit schemes in the nature of non-convertible bonds, which offered better rates of interest and promised better returns.
But the accused failed to return the money deposited by the complainant and it was alleged that they misappropriated crores of rupees.
Mr. Parthasarathy is the seventh accused in the case. He was arrested on June 9 and produced in a special court on June 10 and remanded to judicial custody till June 24. And now, the DSP again moved the court for his custody for questioning.
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The presiding officer said that Mr. Parthasarathy was not questioned by the police. Records show that more than 20 people are involved in this case. Who is involved in this incident should be investigated.
The petitioner DSP had given the statement that the accused is to be interrogated with respect to the facts which are known to him and to identify the illegally obtained properties.
The investigation in this matter is in a preliminary stage.
The nature of the case requires custodial interrogation of the accused of an effective, proper, and thorough investigation by the police.
The circumstances and nature of the case show that the police cannot investigate effectively without the custodial interrogation of the accused.
"Therefore, having regard to the nature, gravity, gravity, and magnitude of the case, this Court is of the view that in the interest of justice, police custody should be ordered to facilitate the investigating agency to investigate the matter effectively." The judge said and ordered three days' custody from June 16.
The accused should be returned to judicial custody on June 19.
The judge said that during the interrogation, Mr. Parthasarathy should be treated with human dignity and should not be subjected to any kind of abuse or harassment during the period of police custody.
Ravi Parthasarathy is the former chairman of IL&FS Group and a non-independent director of ITNL.
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