Kubera Auto Accounting, a company based in Tirupur, allegedly swindled Rs.12.66-lakh from 20 people by advertising that investors can earn an interest rate of up to 24 per cent on an investment.
Coimbatore: A Coimbatore court has sentenced three people to seven years in jail for defrauding people of Rs.12.66-lakh by promising high interest on their investment.
Saminathan, Muthuvel and Manivel, of Tirupur, were sentenced to seven years in jail and fined Rs.16-lakh each for fraudulently obtaining Rs.12.66-lakh from 20 people by advertising that the investors can earn up to 24 per cent interest on a Kubera Auto Accounting firm operating in Tirupur. Tamil Nadu protection of Interests of Depositors (TANPID) has also imposed a fine and ordered that Rs.15-lakh of the fine be distributed to the investor.
Judge Ravi acquitted Rajendrakumar, Loganayaki and Selvi from the case which was registered in 2015 and issued arrest warrants to Saminathan and Manivel who did not appear during the verdict.
Saminathan, Muthuvel and Manivel, of Tirupur, were sentenced to seven years in jail and fined Rs.16-lakh each for fraudulently obtaining Rs.12.66-lakh from 20 people by advertising that the investors can earn up to 24 per cent interest on a Kubera Auto Accounting firm operating in Tirupur. Tamil Nadu protection of Interests of Depositors (TANPID) has also imposed a fine and ordered that Rs.15-lakh of the fine be distributed to the investor.
Judge Ravi acquitted Rajendrakumar, Loganayaki and Selvi from the case which was registered in 2015 and issued arrest warrants to Saminathan and Manivel who did not appear during the verdict.