Franklin Templeton Problems – Economy offenses Wing in the State Police Need to be Enhanced with the Right Personnel: Madras HC
Hearing the plea submitted in connection with the alleged embezzlement of funds by the supervisor of Franklin Templeton Asset Management India Pvt. Ltd., Madras High Court on Monday (March 29) observed that the economic offenses wing in the state police needs to be increased with the right personnel.
Technical expertise to investigate
Plea before Chief Justice Sanjib Banerjee and Justice Senthilkumar Ramamoorthy gathered concerns about the officials and technical expertise to investigate this issue.
The Petitioner Writ proposed that his business was to explore capital around Rs.2,000 Crore due to transactions and exchange parties and redemption of 5,000% increase due to inside trading.
The Petitioner stated that complaints in Franklin Templeton material must be investigated by the investigation agencies that have the knowledge of the domain to carry out these tasks.
Economic offenses wing was created in the National Police
It was also alleged that even though the economic offenses wing was created in the National Police, there was no specialization level tried.
It was conveyed that the usual transfer of a police deputy superintendent from one district or several police inspectors from another branch was being carried out without identifying the right personnel to have talent or understanding of economic affairs or market conditions to carry out very sophisticated investigations in this case.
Knowledge of accounting, audits, and market conditions
The court noted that in the previous order, it was directed at ensuring that the wing of economic violations was manned by trained personnel who had experience or knowledge of accounting, audits, and market conditions.
However, the court further observed that there was no effort made to train personnel or recruit trained personnel, or even involving experts or consultants in that matter.
Therefore, the court opined,
EOW in the state police
“It is necessary that the investigation in their role controlling six funds was carried out and, at the same time, the EOW in the state police was enhanced, so to say, with the right personnel.”
Significantly, the court added the Indian Securities Exchange Board and the enforcement Directorate as parties for instant processes that recorded that market regulators and the investigation agency were probably the most equipped to study transactions related to nothing of any remiss there.
Chief Secretary of the State and Home Secretary
At the same time, the Chief Secretary of the State and Home Secretary of the House, the Tamil Nadu government, was called to submit a report who suggested steps to introduce the level of specialization in the Economic Offenses Wing, especially with recruitment or Even the involvement of consultants.
Finally, this problem was posted for further hearing on June 7, 2021.
