Coimbatore: Special Court for TNPID (Tamil Nadu Protection of Depository Interest (In Finance Agency) ACT case on Friday sentenced ten years of prison sentence for cheating 244 depositors more than RS 3.95 crore by running EMU and poultry farms.
The company at Erode Regency in 2012.
The court has imposed a fine of Rs 2.44 Crore in a couple, identified as M Muniyan, 47, his Mariammal’s wife and wife, 45.
The couple started Sree Nithya Emu Farms and Sree Nithya Indian Poultry farms Private Limited In 2012.
The company functions at the Royal Theater Road in the Erode district.
The couple functions as a member of the Director of the Company.
The company announces two types of schemes.
According to the first scheme, those who invest.
Rs 1 lakh will be given four Emu Chicks, Fodders and drugs Overcome.
The company will build a warehouse too.
The company said that it would provide Rs 10,000 per Bula N to depositors as maintenance costs for the year E and RS 20,000 will be given to depositors once a year as a bonus.
After one year is over, the amount of capital will be returned to depositors.
According to the second scheme, the company will raise four Emu chicks and provide Rs 11,000 as a monthly maintenance for one year to deposit RS 1 Lakh.
This will give Bonus RS 20,000 to the depositors once a year.
Then, it will return the amount stored.
The company also announced another scheme.
The company will build a warehouse for people who invest Rs 1 lakh in it.
It will provide 400 state girls.
It will also provide RS 11,000 as a monthly maintenance for three years and 10,000 Rs as a bonus once a year.
The amount of capital will be returned to investors after three years.
The company collected Rs 3,95,72,000 of 244 depositors and did not return it to them.
They fled.
N Kumar from Bhavani Taluk in the Erode district, which was a depositors, filed a complaint with a violation of the police economy in the Erode district on August 28, 2012.
The police registered a case against a pair under 60 years, 406, 420 of the Criminal Code and 5 TNPID ACT.
Eow police arrested the couple and nine others on August 29, 2012 and returned them in court detention.
The police submitted Chargesheet in court on January 17, 2013 and additional Chargesheet on February 7, 2014.
Judge A R Ravi was pronounced a verdict on Friday.
He punished a hard prison force for ten years and imposed a fine of Rs 2.44 Crore.
If the couple failed to pay the number of penalties, they had to spend two more years behind the bar.
During the trial, the name to be removed from the case while Manivannan died.
The rest of the seven people were released by the court.
Muniyammal did not appear in front of the court on Friday.
The court ordered a warrant that was not up to it.
The TN pair received a 10-year-tight prison sentence to deceive depositors RS 3.95 Crore
