The special court for Tamil Nadu Protection of Interests of Depositors Act (TNPID) has sentenced the two accused in connection with a money laundering case involving an EMU finance company in Coimbatore and Erode districts to 20 years in jail and imposed a fine of Rs. 34 crore on them.
In 2012, a financial institution called Queen Farm located in Perundurai in Erode district had advertised that if the public invested in their EMU scheme, they would get high interest rates. 1,114 people reportedly deposited Rs. 28.38 crores but had not received back any money that they had invested.
In 2013, the police arrested the company's shareholders Mayilsamy, his brother Sakthivel of Karandipalayam in Erode and managers Vinod, Karthikeyan, Kanagaraj, Thangavel and Muthu. The trial in the EMU case against them has been underway at the special court for Tamil Nadu Protection of Interests of Depositors Act (TNPID) in Coimbatore.
The judge sentenced both Mayilsamy and Sakthivel to 10 years in jail and imposed a fine of Rs. 28.72 crore on them. All the others related to the case were released.
Similarly, the branch office of Queen EMU Finance Company at Pollachi in Coimbatore district was functioning since 2012. The Coimbatore Economic Offences Wing (EOW) police arrested its partners Mayilsamy and Sakthivel and the company's branch managers Karthikeyan, Anbazhagan, Gurusamy in connection with the Rs 5.68 crore fraud involving 295 people in the company.
The trial in this case was also underway at the special court related to TANBIT in Coimbatore. Justice Ravi sentenced Mayilsamy and Sakthivel to 10 years imprisonment each and imposed a fine of Rs. 5.68 crore on them. Others involved in the case were acquitted.
In 2013, the police arrested the company's shareholders Mayilsamy, his brother Sakthivel of Karandipalayam in Erode and managers Vinod, Karthikeyan, Kanagaraj, Thangavel and Muthu. The trial in the EMU case against them has been underway at the special court for Tamil Nadu Protection of Interests of Depositors Act (TNPID) in Coimbatore.
The judge sentenced both Mayilsamy and Sakthivel to 10 years in jail and imposed a fine of Rs. 28.72 crore on them. All the others related to the case were released.
Similarly, the branch office of Queen EMU Finance Company at Pollachi in Coimbatore district was functioning since 2012. The Coimbatore Economic Offences Wing (EOW) police arrested its partners Mayilsamy and Sakthivel and the company's branch managers Karthikeyan, Anbazhagan, Gurusamy in connection with the Rs 5.68 crore fraud involving 295 people in the company.
The trial in this case was also underway at the special court related to TANBIT in Coimbatore. Justice Ravi sentenced Mayilsamy and Sakthivel to 10 years imprisonment each and imposed a fine of Rs. 5.68 crore on them. Others involved in the case were acquitted.