Court : Chennai Madurai
..... that any financial establishment is acting in a calculated manner with an intention to defraud the depositors, and if the government are satisfied that such financial establishment is not likely to return the deposits, or to make payment of interest or to provide the service, the government may, in order to protect the interests of the depositors of such financial establishment, pass an ad-interim order attaching the money or other property alleged to have been procured either in the name of the financial establishment or in the name of any other person from and out of the deposits collected by the financial establishment, or if it transpires that such ..... ''there is mushroom growth of financial establishments not covered by the reserve bank of india act, 1934 (central act ii of 1934) in the state in the recent past with the sole object of grabbing money received as deposits from the public, mostly middle class and poor, on the promise of unprecedented high rates of interest and without any obligation to refund the deposits to the investors on maturity. ..... the learned counsel for the appellant has further submitted that the appellant is a bona fide purchaser and he parted away with the huge sum of money as consideration for purchasing the property. .....
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