Coimbatore: Special Court for Court of Case Under Tamil Nadu Protection Interest Depositan (in Financial Agency) Act, 1997, on Friday Two Managing Directors of Sree Nithya Emu and Indian Poultry Branches Private Limited in Erode Regency up to 10 years in a strict prison, for Cheating 244 Depositors More than 3.95 Crore in 2012.
M Muniyan, 47, and his wife M Mariyammal, 45, from Perutai in Erode, has established a company at the Royal Theater Road in Erode in 2012.
The company offered three investment schemes that require 1 Lakh investment.
Under the first scheme, investors were offered four emu chicks, animal feed, medicine and warehouse.
They were offered 10,000 per month for one year and 20,000 as an annual bonus.
The company promised to restore capital after one year.
As the second scheme, the company will raise four Emu chicks and offer 11,000 per month for one year, 20,000 as an annual bonus and capital after one year.
Under the third scheme, the warehouse will be set to behind 400 girls.
Investors are offered 11,000 per month for three years, 10,000 annual bonuses and the capital after three years.
After collecting 3,95,72,000 of 244 investors, Muniyan and Mariyammal went Absconding.N Kumar from Bhavani Taluk in Erode, an investor, asked a complaint with a violation of the economy of Police Wing on August 28, 2012.
The police registered a case against the partner under Section 120 (B ), 406, 420 from Indian criminal code and 5 of TNPID ACT.
The police arrested the couple and nine others in connection with the case on August 29, 2012.Judge as Ravi, who said the verdict on Friday, also slapped a fine of 2.44 crore on the couple.
If they fail to pay a fine, they have to spend two more years in prison.
When Mariyammal does not appear before a court, a warrant that is not stretched out of it.
From nine accused, two have died.
The court released the rest.
2 EMU farm owners got 10 years in prison
