Tamil Nadu

Anticipatory Bail Petition was Dismissed for the Directors of Neomax Financial Company

By

NewsDesk

Published on August 22, 2023

 Neomax Financial Company has collected money from about 70 thousand people through agents by promising their users high interest rate and money will be doubled after certain year.

Based on the complaint filed by more than 126 people regarding financial fraud, 8 people have been arrested and more than 10 people have been charged. The case came up for hearing today before Judge Ilangovan. At that time, the additional lawyer of the government appeared soon and in this case, several thousands of crores of fraud is taking place, public money has been invested in foreign countries. The documents are also stuck.

The argument was put forward that there is a chance of recovering the invested people’s money only if they are taken into custody and investigated. In relation to this case, this view has been consistently put forward by the government. After recording this, the judge issued a partial order dismissing the anticipatory bail petitions as the trial is at an early stage. In this case, the court branch dismissed the anticipatory bail petitions of all Neomax financial company directors