2 separate cases filed by EOW, TNPID gives verdict for 9 year old case
Coimbatore:The Tamil Nadu Protection of Interests of Depositors Court sentenced two Emu farm owners in Erode 20 years in jail for scamming depositors of 58 lakhs.
Kumar, 49 of Chennimalai, Eode and Karthikeyan, 50 of Ramu Colony, started an Emu farm in Dharapuram under the name Om Sakthi Emu Farm. They also set up another branch near Pazhani. In order to lure investors for the farm, they announced attractive schemes wherein the depositors will benefit from double-returns for their investments.
The duo defrauded 58 lakhs from as many as 25 investors. The investors approached the TNPID in 2012. The two were arrested and a case was registered in the TNPID.
The two had scammed around 23 lakhs from 16 people in the Dindugal branch which was investigated in a separate case. The judge slapped Kumar and Karthikeyan 10-year imprisonment each and a penalty of 55 lakhs for the first case and 23 lakh for the second.
Kumar, 49 of Chennimalai, Eode and Karthikeyan, 50 of Ramu Colony, started an Emu farm in Dharapuram under the name Om Sakthi Emu Farm. They also set up another branch near Pazhani. In order to lure investors for the farm, they announced attractive schemes wherein the depositors will benefit from double-returns for their investments.
The duo defrauded 58 lakhs from as many as 25 investors. The investors approached the TNPID in 2012. The two were arrested and a case was registered in the TNPID.
The two had scammed around 23 lakhs from 16 people in the Dindugal branch which was investigated in a separate case. The judge slapped Kumar and Karthikeyan 10-year imprisonment each and a penalty of 55 lakhs for the first case and 23 lakh for the second.