Coimbatore: Special Court in Coimbatore on Tuesday was sentenced to a man and woman up to ten years a strict prison sentence for cheating 99 depositors Rs 1.55 Crore.
The court released six other people accused of in this case.
Police said Karthika, 32, wife of G R Manikandan, and S Prabhu, 30, started a state chicken farm called Indian Poultry Farm India Private Limited in Nambiyur in Erode Regency in 2012.
They are Director of the Company.
Six more people, including Karthika husband, Manikandan, Kathish alias Sathishkumar, Nurugan, M Ramasamy, R Jayasamundeeswari and S Rajendran worked in the company.
The company announced two schemes to lure depositors.
According to the first scheme, if an investor invests Rs 1 Lakh, the company will make a temporary warehouse and provide 500 girls and country feed.
The company also promised to pay Rs 8,500 per month for three years to investors as incentives and provide Rs 8,500 as a once a year bonus.
After three years, capital investment will be returned to investors.
According to the second scheme, the company will make a temporary warehouse and provide 300 state girls to those who invest RS 1 lakh at the company.
The company promised to pay Rs 8,500 as a monthly incentive for three years and RS 12,000 as a bonus once a year.
The company deceived 99 investors by Rs 1,55,50,000.
Based on complaints, economic violations of Wing (EOW) registered a case against the company and their directors and staff for criminal conspiracies, criminal violations of trust and cheating under the IPC section and under the Section 4 Protection of Tamil Nadu Depositors (in financial establishment) (TNPID) acting.
The trial was held at the TNPID court.
Judge A R Ravi said the verdict on Tuesday.
He sentenced Karthika and Prabhu prison sentences for ten years and imposed a fine of Rs 1,65,60,000 on them.
TN: Duo gets 10 years in prison for deceiving depositors
