MARGAO
Questioning the decision of EOC to club all the r500 complaints against accused Nilesh Raikar, the depositors have dubbedr the move as an attempt to bail him out. They demanded that the rinvestigating agency rope in financial experts to probe in detail the rloss theory advanced by the accused.At a meeting of the depositors held rat the Grace Church hall, Margao, the depositors have also decided to rinitiate proceeding against the accused under the Negotiable Instrumentsr Act so that their claims are not barred by limitation.Chartered rAccountant Nagaraj Bale also briefed the depositors and allayed their rapprehensions that the authorities might prove their source of income, rsaying that their dealings with Kamaxi Forex was legal in nature. rCity-based lawyer Adv Radharao Gracias told the media after the meeting rthat the police instead of helping the beleaguered depositors are rhelping the accused by registering a single case against him. “This is rwhat has hurt the citizens very much. When different persons had rdeposited their money with Raikar at different times, each complaint ragainst the accused ought to have been registered separately. But the rpolice have clubbed the whole thing together which will lead to rprosecution for one offence only when there are 500 complaints against rhim. If the police had to register the cases against the accused rseparately, he would be required get so many sureties and appear in the rcourts in all the 500 cases. That is what the law provides,” Radharao rsaid, adding that the police are out to help the accused. He told the rdepositors that they will be required to file individual cases for the rrecovery of their money. He warned that the chances of recovery would ber remote if they don t file cases under the Negotiable Instruments rAct.Nagaraj Bale told the media that the government should immediately rengage financial experts to find out the status of the deposits of the rbeleaguered depositors. “The accused has claimed a loss, but the police rshould investigate into it,” he said.Meanwhile, depositor Cruz Cardozo rpointed out that a delegation of depositors will call on the EOC later rthis week to ascertain the status of investigations and the chances of rrecovery of their hard-earned money.
