Franklin Templeton says yet to see FIR in Rs 28,000 cr scam

New Delhi: Following the registration of an FIR by the Chennai Police, Franklin Templeton has responded for the first time by saying they have not yet seen the copy of the FIR.

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) for hatching criminal conspiracy to defraud three lakh investors by causing wrongful loss to them and unlawful gain to themselves by committing various offences under the IPC.

The FIR also names Santosh Das Kamath, MD and Chief Investment Officer, FTAMIL, Sanjay V. Sapre, whole time member, FTAMIL, and their directors Jayaram Subramaniam Iyer, Vivek Kudva, R.V. Subramaniam, Pradip P. Shah among others.

The EOW registered the FIR after investigating a complaint filed by the Chennai Financial Markets & Accountability (CFMA), the investors’ group, and few others with EOW in Chennai in May this year 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 six debt schemes in April this year.

The response of Franklin Templeton to the FIR has been to say that they are yet to see the copy. It also said that the Chennai Financial Markets & Accountability (CFMA) has levelled various misleading and baseless allegations.

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