The Supreme Court has sought a response from the Governments of India and the State of Tamil Nadu in a plea by depositors from T.N. for a Central Bureau of Investigation (CBI) probe into an alleged Ponzi scheme run by the Universal Trading Solutions Private Limited, a Coimbatore-based company.
Appearing before a Bench headed by the Chief Justice of India Surya Kant, a group of depositors said there were around 73,000 of them who had lost their life-savings aggregating to about ₹1,000 crore.
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The petitioner-depositors, represented by advocates Mukund P. Unny and Sanjay Nair S., said three committees headed by retired High Court judges had been formed in the past. Two of them were dissolved by the Madras High Court. The third panel, chaired by former Madras High Court judge Justice M. Govindaraj, has not been able to auction any asset or return the amount due to the beleaguered depositors for the past nearly three years.
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