Coimbatore: The Special Court here sentenced two director of rural chicken farms in Nambiyur in Erode up to 10 years in prison that was strict on Tuesday for deceiving 99 Investors of Rs 1.55 Crore in 2012, while freeing all charges.
The court also imposed a fine of RS 1,65,60,000 in two inmates.
The police identified inmates when Karthika was 32 years old, Grad Manikandan’s wife, and 30 years old Prabhu, both native Nambiyur in the Erode district.
Both of them have floated state chicken farms – Healthy Poultry Farm India Pvt Ltd – in Nambiyur in May 2012 and launched two ponzi schemes to attract investors.
“In one of the schemes, they promised 500 countries, temporary warehouses, feed, monthly incentives of Rs 8,500 for three years and an annual bonus of RS 8,500 to people who invested Rs 1 lakh in the company.
They said capital investment would be returned at the end The investment period of three years, “said a police officer.
In another scheme, the officer said, they promised 300 countries, a monthly incentive of Rs 8,500 for three years and an annual bonus of 12,000 Rs to people who invested Rs 1 lakh in the company.
“They, however, do not expand the benefits for investors after raising money from them.” In December 2012, the officer said, one of the investors submitted a complaint with a violence of economic violations (EOW), which registered a case against the Director of the Company and his staff – GR Manikan, K Sathish aka Sathishkumar, Nurugan, Mamasamy, R Jayasamundeeswari and S Rajendran, all Nambiyur residents – for criminal conspiracies, criminal violations of trust and fraud.
Case trials were held before the protection of Tamil Nadu on the interests of depositors (in financial institutions) acting cases in the city.
Judge A S Ravi said the verdict on Tuesday, sentenced 10-year prison sentences to Karthika and Prabhu, and released six other people from all charges.