Official Liquidator's Fake TDR Investigation Application Dismissed by Tribunal

The Tribunal dismissed the Official Liquidator's application seeking direction to investigate fake TDRs issued by a bank, amounting to Rs. 1,50,74,975. The bank denied involvement in the issuance of fake TDRs, claiming to have followed customer mandates and reporting the fraud to the authorities. The Tribunal found elements of fraud in the case, noting an ongoing investigation by the Kolkata Police Economic Offence Wing. However, due to the advanced stage of the investigation and lack of authority to direct a CBI probe under the Companies Act, the Tribunal ruled the application as not maintainable and clarified that parties could pursue a CBI investigation through the appropriate court.

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Issues:
Application for direction to investigate fake TDRs and refund money.

Analysis:
1. The Official Liquidator filed an application seeking direction for investigating fake TDRs amounting to Rs. 1,50,74,975 against a bank. The liquidator invested this amount in fixed deposits with the bank, but later discovered a fraud related to fake TDRs issued by the bank.

2. The Respondent bank denied receiving specific instructions to open TDR accounts for the stated amount. They claimed to act as per customer mandates and lodged an FIR regarding the fake TDR issuance. The bank argued that the liquidator should claim the money from the account holder where the sum was deposited based on the cheque instructions.

3. The Tribunal noted that the Applicant issued a cheque to the bank for opening fixed deposit accounts, but upon investigation, no such accounts were found. The Tribunal found elements of fraud in the case and acknowledged an ongoing investigation by the Kolkata Police Economic Offence Wing.

4. The Tribunal observed that arrests had been made, indicating progress in the investigation. Due to the advanced stage of the investigation and lack of authority to direct a CBI investigation under the Companies Act, the Tribunal dismissed the application. The Tribunal clarified that it cannot issue directions for CBI investigations and the application was not maintainable under the Companies Act.

5. The Tribunal concluded that the application was not maintainable and dismissed it, stating that any party could pursue CBI investigation through the appropriate court. The order was to be communicated to all parties, and a certified copy would be issued upon request.

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