Coimbatore: Justice Ravi of Tamil Nadu Protection of Interest of Depositors (TNPID) Court on Tuesday awarded 10 years of imprisonment to siblings from Erode for defrauding public money through Ponzi scheme.
Coimbatore: Justice Ravi of Tamil Nadu Protection of Interest of Depositors (TNPID) Court on Tuesday awarded 10 years of imprisonment to siblings from Erode for defrauding public money through Ponzi scheme.
Krishnaveni (37) and her younger brother Nandakumar from Thaneer Pandalpalayam near Kanjikovil, Erode were accused of running financial schemes and promising Rs.12,000 for an investment of Rs 1 lakh and return of capital in one year. Lured by their offer, several public invested money from Erode and other places had invested in their schemes.
As the investors failed to fulfil the promise and didnot return the capital, the investors raised a complaint to the economic offences wing department in Coimbatore who inturn filed a complaint.
The siblings who were the mastermind behind the scam had reportedly cheated 39 investors with an amount of 82 lakhs 27 thousand rupees.
The case was tried at TNPID Court and Judge Ravi sentenced the siblings with a punishment of 10 years each in jail and a fine of Rs 40 lakhs.
Krishnaveni (37) and her younger brother Nandakumar from Thaneer Pandalpalayam near Kanjikovil, Erode were accused of running financial schemes and promising Rs.12,000 for an investment of Rs 1 lakh and return of capital in one year. Lured by their offer, several public invested money from Erode and other places had invested in their schemes.
As the investors failed to fulfil the promise and didnot return the capital, the investors raised a complaint to the economic offences wing department in Coimbatore who inturn filed a complaint.
The siblings who were the mastermind behind the scam had reportedly cheated 39 investors with an amount of 82 lakhs 27 thousand rupees.
The case was tried at TNPID Court and Judge Ravi sentenced the siblings with a punishment of 10 years each in jail and a fine of Rs 40 lakhs.