Coimbatore: Special Court for TNPID (Tamil Nadu Protection of Depository Interest (in Financial Agency) ACT on Friday dropped five convicts of up to 10 years in a strict prison for cheating 22 depositors of Rs 54.64 lakh by running Emu’s agriculture near Kaceyam in Tirupur District .
the court issued a warrant that did not terbantal against one of the defendants who failed to appear in front of him.
N Muthukrishnan, 53, of Chettipalayam in Tirupur, C Kandasamy, 51 of Padiyur, S Perumalraj, 54, from APR Nagar in Chettipalayam in Tirupur, P Ashok Kumar, 33, from Azhagapuri Nagar at Chennimalai Gundenpudur near Avinashi and S Saravanan, 47, from RK goundenpudur in Tirupur, starting aka Emu Farm in Ganapathypalayam near Kangeyam in February 2012.
They offer two schemes (Emu Chicks or Country Chicken Chickens) to captivate investors and promise their big returns.
A total of 22 people from Tirupur Regency invested RS 53.64.800 D I company.
The company was closed in August 2012.
The five managed escape.
The depositors approached the economic violation of Police Wing, who registered the case against five in October 2013 and arrested them.