Kochi: The High Court has made an interim order to cease distributing money to the investors as the process may lead to financial fraud. HC asked the authorities to return money to only those investors who are in urgent need. The details of the transaction must be informed to the court, said HC.
As per the bank’s version, it has matured fixed deposits worth 142 crore rupees and investments of 284 crores. The court directed to produce the audit report and also, to inform as how the money will be returned.
The bank, however told that it has 60 lakh rupees and the money will be distributed to the investors on token system. The HC ordered the Government to inform as how to return the money to people.
The Government explained that they have started procedures to pledge assets and thus to get loan. The case will be considered again on 10 August.
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