Coimbatore: Special Court for Tamil Nadu Interest Protection (TNPID) The case of the Act has sentenced private company directors to ten years in prison on Tuesday to deceive investors around Rs 5 Crore.
The court also slapped the fine of RS 2.76 Crore to him.
M Puzhalendhi, from Hosur in Krishnagiri Regency, did not appear before a court on Tuesday and the court issued a warrant that was not supreme to him.
Police said Puzhalendhi began a company, a labyrinth technology group, in Hosur in Krishnagiri in 2010.
M Raja, 27, from Chinnalatti in the Dindigul district, is his business partner.
The company lured the savings which stated that those who invested in the company would get double the amount invested in ten days.
86 people save Rs 4.96 Crore and Duo deceived them in the same year.
Furthermore, one of the investors, a K Chinnasamy, from Gobichettipalayam in the Erode district, filed a complaint with a crime branch police in Krishnagiri.
The police registered fir against the company, Puzhalendhi, King and five other staff members.
Then, this case was transferred to the economic wing, Salem, which registered fresh FIR and arrested the king and Puzhalendhi.
The king did not appear before the court during the trial and he escaped.
Five company staff were released from this case.
TNN.