Coimbatore: Special Courts arranged to handle cases under Tamil Nadu Protection of Interest Depositors (in Financial Agency) Act, 1997, on Thursday sentenced to two agricultural owners Emu Om Sakaki for up to 20 years improved prison for more investors from RS 82 Lakh.ms Kumar, 49, from Chennimalai in the Erode and K Karthikeyan district, 51, from Ramu Colony in Tirupur has started a business in Vedasandur in Dindigul.
The company established a branch on Palani’s main road in Dharapuram in the Tirupur district in December 2011.
Announced two schemes to attract investors.
Those who invested RS 1 Lakh were promised by Rs 6,000 per month as an incentive for two years and RS 20,000 as a bonus for every year.
Investors were told that the capital would be returned after two years.
Under the second scheme, investors will get Rs 7,000 as an incentive for two years and RS 20,000 as a bonus every year.
A total of 25 people invested RS 58.51 Lakh in the Dharapuram branch and 16 people invested Rs 23.83 lakh in the main office in Vedasandur.
However, the company failed to guard his promise.
Based on complaints from Ponnammal Kattupatti and R Vellimala, 45, from Vedsandur in Dindigul, Wing Wing Wing (EOW) in Coimbatore registered two cases against Kumar and Karthikeyan in December 2012.
The court also slapped the fine of RS 55 Lakh on the DUO in connection with the first case and RS 27.50 lakh in the second case.
They are returned in judicial custody.