R K Emu Poultry Farm Owners Kannuswamy and Mohanasundaram of Perundurai, in Erode District were sentenced by Judge A S Ravi for defrauding investors.
Coimbatore: The Coimbatore Court has sentenced both owners of R K Emu Poultry Farm to 10 years in prison and imposed a fine of Rs.2.42 crore in the Emu fraud case.
The R K Emu Poultry Farm which was functioning in Perundurai in Erode district is owned by Kannuswamy and Mohanasundaram. They announced attractive advertisements and investment schemes regarding Emu Poultry Farming, based on which 110 investors contributed Rs.2.40 crore. However, it is said that both owners did not return the investment amount as promised.
Based on a complaint filed by a victim, the Erode District Economic Offenses Division police registered a case. The case was heard in the Tamil Nadu Investors Welfare Special Court in Coimbatore. At the end of the hearing, Kannuswamy and Mohanasundaram were convicted and sentenced to 10 years in prison each and a fine of Rs.1.21 crore was slapped on them.
A case was filed at Madras High Court by Kannuswamy and Mohanasundaram that the verdict was given without hearing both sides of the arguments and therefore a retrial should be conducted in this case. The High Court ordered a retrial in the case. Accordingly, a re-investigation was conducted and the verdict was given in this case.
Since the charges against Kannuswamy and Mohanasundaram were proved, Judge A S Ravi who heard the case sentenced both men to 10 years each in prison and fined them Rs.2.42 crore. The Judge also ordered the arrest warrant for both of them since they did not appear for the hearing.
The R K Emu Poultry Farm which was functioning in Perundurai in Erode district is owned by Kannuswamy and Mohanasundaram. They announced attractive advertisements and investment schemes regarding Emu Poultry Farming, based on which 110 investors contributed Rs.2.40 crore. However, it is said that both owners did not return the investment amount as promised.
Based on a complaint filed by a victim, the Erode District Economic Offenses Division police registered a case. The case was heard in the Tamil Nadu Investors Welfare Special Court in Coimbatore. At the end of the hearing, Kannuswamy and Mohanasundaram were convicted and sentenced to 10 years in prison each and a fine of Rs.1.21 crore was slapped on them.
A case was filed at Madras High Court by Kannuswamy and Mohanasundaram that the verdict was given without hearing both sides of the arguments and therefore a retrial should be conducted in this case. The High Court ordered a retrial in the case. Accordingly, a re-investigation was conducted and the verdict was given in this case.
Since the charges against Kannuswamy and Mohanasundaram were proved, Judge A S Ravi who heard the case sentenced both men to 10 years each in prison and fined them Rs.2.42 crore. The Judge also ordered the arrest warrant for both of them since they did not appear for the hearing.