Lawstreet Journal

Economic Offences Wing in State Police Needs To Be Beefed Up With Appropriate Personnel: Madras HC in Franklin Templeton Matter

Lawstreet Journal 31 Mar 2021 9:45pm

Image courtesy: Lawstreet Journal Judiciary Economic Offences Wing in State Police Needs To Be Beefed Up With Appropriate Personnel: Madras HC in Franklin Templeton Matter

On Monday (March 29, 2021), Madras High Court heard a plea that was filed pertaining to the alleged embezzlement of funds by the trustees of Franklin Templeton Asset Management India Pvt. Ltd. In the said matter, the Madras HC went on to observe how the Economic Offences Wing in the state police needs to be beefed up with appropriate personnel. 

The plea was heard by Chief Justice, Sanjib Banerjee along with Justice Senthilkumar Ramamoorthy. It concerned official’s ability along with their technical expertise while conducting an investigation into the matter. 

The Plea

While making submissions, the Petitioner said that he had made an attempt to unearth the flight of the capital around Rs 2, 000 Crores due to the related party transactions along with redemption to the extent of 5000% increase on the amount of insider trading. 

He also submitted that the investigating agencies that have the relevant knowledge and domain must investigate the complaints in this matter. Along with this, he alleged the absence of a degree of specialisation in the Economic Offences Wing in the State Police. 

He further submitted how the transfers of a Deputy Superintendent of Police or an inspector of Police from one branch to another are being done without even paying required heed to the fact whether the personnel has an aptitude along with an understanding of market conditions and economic affairs. He explained how such requisites are necessary to undertake investigations that pertain to highly sophisticated cases. 

Observations of the Court

The court went on to note how in its… Continue Reading...

Tagged: Franklin Templeton  
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