Coimbatore: Directors of the company that was involved in emu farm scam were jailed for 10 years and fined 56 lakhs each by the Tamil Nadu Protection of Interests of Depositors Act Court.
Coimbatore: Directors of the company that was involved in emu farm scam were jailed for 10 years and fined 56 lakhs each by the Tamil Nadu Protection of Interests of Depositors Act Court.
Padmanabhan, Jayakumar, Rajasekar and Aravindkumar from Coimbatore started selling emu chicks in 2011 under the name of JPR Emu Agri Farms India Pvt. Ltd. in Coimbatore.
The scheme said if 1.5 lakh is invested, 6 Emu chicks will be provided and reimbursement of Rs. 6500/- per annum will be provided. In another scheme, if you invest Rs 1.5 lakh in the same way without Emu chicks, you will get a return of Rs 7,000 per month, 20,000 bonus in 2 years. Several people from Coimbatore invested in the projects.
However, the victims lodged a complaint at the Coimbatore Economic Crimes Division in 2014 for non-payment of the promised amount. Based on the complaint, the police arrested the four directors of the company on charges of embezzling Rs 1 crore 67 lakh 49 thousand from 78 investors. The case was heard in the Tamil Nadu Protection of Interests of Depositors Act Court and TNPID Special Judge Ravi gave the verdict at the conclusion of the trial sentencing. Padmanabhan, Jayakumar and Rajasekar were sentenced to 10 years' imprisonment and a fine of Rs 56 lakh each.
Warrant has been issued for the arrest and imprisonment of Jayakumar, who did not appear at the court following the summon, and the court has ordered the release of Aravind Kumar, who was arrested in the case.