Coimbatore: Coimbatore TNPID court sentenced an youngster to 10 years in jail for embezzling 1.38 crores and fined him Rs 45 lakh through a goat rearing and copra farm project.
Coimbatore: Coimbatore TNPID court sentenced an youngster to 10 years in jail for embezzling 1.38 crores and fined him Rs 45 lakh through a goat rearing and copra farm project.
Ashok Farms and Copra Private Limited advertised attractive schemes promising high yields. One of the schemes was to invest 1 lakh in which lambs will be provided for rearing for three years and maintenance charges, interest and bonus will be provided for three years. The other one was to invest Rs. 50,000 for which copra will be processed and a high interest will be provided to the investors..
Several people in Erode district invested in these projects. The company initially offered the interest, but stopped providing it later. They also stopped responding to the public when asked for explanations. Following this, based on a complaint lodged by Chidambaram, a victim from Gobichettipalayam area, the Erode Economic Offences Division police filed a case against company owner Rajesh, who was involved in the fraud in 2012, under four sections, including the TNPID ((The Tamil Nadu Protection of Interests of Depositors) Act.
The case was heard in the Coimbatore TNPID Court which sentenced Rajesh (30) to 10 years in jail and fined him Rs 45 lakh for embezzling around Rs 1 crore 38 lakhs from 89 investors.
Ashok Farms and Copra Private Limited advertised attractive schemes promising high yields. One of the schemes was to invest 1 lakh in which lambs will be provided for rearing for three years and maintenance charges, interest and bonus will be provided for three years. The other one was to invest Rs. 50,000 for which copra will be processed and a high interest will be provided to the investors..
Several people in Erode district invested in these projects. The company initially offered the interest, but stopped providing it later. They also stopped responding to the public when asked for explanations. Following this, based on a complaint lodged by Chidambaram, a victim from Gobichettipalayam area, the Erode Economic Offences Division police filed a case against company owner Rajesh, who was involved in the fraud in 2012, under four sections, including the TNPID ((The Tamil Nadu Protection of Interests of Depositors) Act.
The case was heard in the Coimbatore TNPID Court which sentenced Rajesh (30) to 10 years in jail and fined him Rs 45 lakh for embezzling around Rs 1 crore 38 lakhs from 89 investors.