Coimbatore: 46-year-old agricultural agriculture owner was sentenced to 10 years of hard prison on Friday for deceiving 41 Investors of Rs 62.5 Lakh.
The Special Court for the protection of Tamil Nadu from the Depository Law issued a warrant that was not stretched with the defendant because he failed to appear before the court during the verdict.
Allegations, AG Kumar, Sivasakthi Nagar at Pazhavanjipalayam in Tirupur, have started a company, Sri Kuberan, at Rayapuram Main Road on October 1, 2011.
He promised investors that those who invested Rs 1.5 lakh would get seven emu chicks, warehouse To maintain chicks, Rs 7,000 as a monthly maintenance cost for two years and RS 20,000 as a bonus once a year.
In another scheme, for the same investment, investors will get Rs 8,000 as monthly maintenance for two years and RS 15,000 as a bonus once a year.
After two years, the capital will be returned to investors.
In this way, Kumar collected a total of 62.5 lakh Rs from 41 investors for two years.
However, Kumar failed to fulfill the promises and escape.
On May 12, 2014, investors submitted a complaint with a violation of the Police Wing (EOW), Coimbatore.
Furthermore, the police arrested Kumar, who then came out of prison with a conditional guarantee.
The police submitted Chargesheet before the Special Court in December 2016.
On Friday, Judge A R Ravi said the verdict and slapped the fine of Rs 40 Lakh against Kumar.
The court also ordered to extend his sentence for two more years, if he failed to pay a fine.