{"id":60270,"date":"2020-09-27T16:41:18","date_gmt":"2020-09-27T11:11:18","guid":{"rendered":"https:\/\/www.legalindia.com\/news\/?p=60270"},"modified":"2020-09-27T16:41:18","modified_gmt":"2020-09-27T11:11:18","slug":"eow-chennai-finally-registers-fir-against-ftamil-its-billionaire-top-management-including-mr-santosh-kamath-mr-sanjay-sapre","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/news\/eow-chennai-finally-registers-fir-against-ftamil-its-billionaire-top-management-including-mr-santosh-kamath-mr-sanjay-sapre","title":{"rendered":"Eow Chennai finally registers FIR against FTAMIL &#038; its billionaire top management including Mr Santosh Kamath &#038; Mr Sanjay Sapre"},"content":{"rendered":"<p><a href=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2020\/09\/eow.jpg?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-attachment-id=\"60271\" data-permalink=\"https:\/\/www.legalindia.com\/news\/eow-chennai-finally-registers-fir-against-ftamil-its-billionaire-top-management-including-mr-santosh-kamath-mr-sanjay-sapre\/eow\" data-orig-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2020\/09\/eow.jpg?fit=338%2C149&amp;ssl=1\" data-orig-size=\"338,149\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"eow\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2020\/09\/eow.jpg?fit=338%2C149&amp;ssl=1\" class=\"alignleft size-full wp-image-60271\" src=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2020\/09\/eow.jpg?resize=338%2C149&#038;ssl=1\" alt=\"\" width=\"338\" height=\"149\" srcset=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2020\/09\/eow.jpg?w=338&amp;ssl=1 338w, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2020\/09\/eow.jpg?resize=300%2C132&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2020\/09\/eow.jpg?resize=150%2C66&amp;ssl=1 150w\" sizes=\"auto, (max-width: 338px) 100vw, 338px\" \/><\/a>In a major development, the Economic Offences Wing (EOW) of the Chennai Police has registered a first information report (FIR) against the beleaguered Franklin Templeton Asset Management India Pvt Ltd (FTAMIL) and Franklin Templeton Trustee Services Pvt Ltd (FTTSPL) and their billionaire top management personnel including Mr Santosh Das Kamath, MD and Chief Investment Officer, FTAMIL and Mr Sanjay V Sapre, whole time member, FTAMIL, for hatching criminal conspiracy to defraud 3 lakh investors by causing wrongful loss to them and unlawful gain to themselves by committing various offences under the IPC. The FIR also names Jayaram Subramaniam Iyer, Vivek Kudva, RV Subramaniam, Pradip\u00a0P Shah, all directors, FTAMIL, among others.<\/p>\n<p>The EOW, Chennai, registered the FIR after investigating a complaint filed by the Chennai Financial Markets &amp; Accountability (CFMA) and few others with EOW, Chennai, on 13th May, 2020 in the interest of millions of aggrieved investors of Franklin Templeton whose over Rs 28,000 crore is stuck because the fund house abruptly closed down its 6 debt schemes in April this year. Subsequently, a larger number of investors have dragged Franklin Templeton in court demanding refund of their investments.<\/p>\n<p>Meanwhile, investors all over the country are now demanding a cash back especially when Franklin Templeton recently claimed that two of the funds, Franklin India Low Duration Fund and Franklin India Credit Risk Fund turned cash-positive on 31 August. Since then, the six schemes have received over\u00a0\u20b96,486 crore.<\/p>\n<p>The CFMA is fighting for the cause of common people and is spearheading the movement against the fraudulent actions of Franklin Templeton on behalf of millions of retired and pensioner investors who had parked their hard-earned savings in the various schemes of Franklin Templeton expecting a safe and better return on their investments as promised by the global fund house that manages over Rs 1.16 lakh crore in mutual funds in India and USD 700 billion globally.<\/p>\n<p>The CFMA is also contemplating filing of Class Action Suit against Franklin Templeton global for recovery and to claim damages, the details of which will be announced soon. The CFMA has appealed to all aggrieved investors to come together for filing the Class Action Suit and also file complaints with EOW, Chennai and intimate CFMA so that it can collectively pursue it in the Hon. Madras High Court, on their behalf. The CFMA website \u00a0https:\/\/cfma.in\u00a0 will guide all investors who are interested in recovering their lost money.<\/p>\n<p>Recently, two Coimbatore-based investors, Premnath Shanker and Usha Premnath, also joined CFMA by filing a complaint with EOW, Chennai asking for investigation in the Franklin Templeton scam stating that they had also been collectively cheated by FTAMIL of Rs 49.47 lakh.<\/p>\n<p>Franklin Templeton has a more than Rs 1,00,000 crores of Assets under Management with<br \/>\n30-40 lakh unit-holders.\u00a0 The asset management of Franklin Templeton has been completely exposed as the company has left lakhs of small and medium investors in the lurch by arbitrarily closing down the debt schemes under the pretext of Covid-19. All rights of the unit-holders stand suspended and they are not able to seek redemption of their units.<\/p>\n<p>Had the CFMA and other investors not taken timely action, a Rs 20,000 crore headcut out of Rs 26,000 crore could have happened. Seeing the misconduct by FTAMIL and its KMP in just 6 schemes totalling to Rs 26000 crores, which has been projected to be watched by trustees and regulator who are now shirking from their responsibilities, CFMA has demanded that SEBI must declare the FTAMIL and its KMP \u201cnot fit and proper\u201d.<\/p>\n<p>On September 11, some of the investors filed an intervening application before the Hon. Karnataka High Court to direct FTAMIL to return money to those who invested in the schemes which turned cash-positive.<\/p>\n<p>An RTI query has already revealed that Franklin Templeton did not take any approval from capital market regulator before winding up its six debt schemes.\u00a0 The information was sought by Ahmedabad-based Areez Khambatta, the owner of soft drink maker Rasna, and his wife, Persis Khambatta. A trust promoted by them had filed a plea in Hon. Gujarat High Court, seeking a stay on the liquidation process of the six debt schemes of Franklin Templeton.<\/p>\n<p>On June 3, the Hon. Gujarat High Court stayed Franklin Templeton&#8217;s e-vote on liquidation of debt schemes that was scheduled to be held from June 9 to June 11 and ordered SEBI to put their forensic report in public domain which has not yet been complied with. The company filed a Special Leave Petition (SLP) in the Hon. Supreme Court against this stay order but on June 19, the apex court dismissed its SLP and refused to vacate the stay. The SC instead transferred all the petitions related to the case to the Hon. Karnataka High Court asking it to decide the matter in 3 months.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a major development, the Economic Offences Wing (EOW) of the Chennai Police has registered a first information report (FIR) against the beleaguered Franklin Templeton Asset Management India Pvt Ltd (FTAMIL) and Franklin Templeton Trustee Services Pvt Ltd (FTTSPL) and their billionaire top management personnel including Mr Santosh Das Kamath, MD and Chief Investment Officer, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":60271,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[47340,47345,47341,47339,47344,47343,47342],"class_list":["post-60270","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-law-news","tag-eow-chennai-registers-fir","tag-eow-chennai-registers-fir-against-ftamil","tag-franklin-templeton-asset-management-india-pvt-ltd","tag-franklin-templeton-scam","tag-ftamil","tag-fttspl","tag-ranklin-templeton-trustee-services-pvt-ltd"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Eow Chennai finally registers FIR against FTAMIL &amp; its billionaire top management including Mr Santosh Kamath &amp; Mr Sanjay Sapre - Legal News India - Supreme Court &amp; High Court Updates<\/title>\n<meta name=\"description\" content=\"In a major development, the Economic Offences Wing (EOW) of the Chennai Police has registered a first information report (FIR) against the beleaguered - Get the latest legal news from the Supreme Court, High Courts, and government. 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