Owner charged with 10-year imprisonment and 2.4 crore penalty with an arrest warrant as he fails to appear for the hearing
Coimbatore: The TNPID court sentenced the Susi Emu Farms owner to 10-year imprisonment and a 2.4 crore penalty on Wednesday over multi-crore fraud.
The convict identified as Gurusami, 40 of Erode district started an Emu farm in the name Susi Emu Farms Private Limited in the year 2010. He offered investments schemes and sought the help of famous actors, newspapers to advertise his company. He owned a restaurant in Perundhurai.
The offer had 6 emu chicks with fodder, medicines, sheds with maintenance monthly incentive of ₹.6000 and a yearly bonus of ₹.20000 if people invested 1.5 lakhs. Under the VIP scheme, investors were promised a bonus of 30000 rupees per year and 7000 monthly incentive and he promised return of complete payment after 2 years for both the schemes.
Around 96 people invested and were defrauded multi-crores. Selvam of Namakkal, one of the investors approached the Economic Crime Branch in the year 2012.The Namakkal police registered a case and arrested Guruswamy and lodged him in jail. The TNPID Court in Coimbatore sentenced Guruswamy to 10 years imprisonment and a fine of Rs 2.4 crores. The warrant was issued after Guruswamy failed to appear before the court.
The convict identified as Gurusami, 40 of Erode district started an Emu farm in the name Susi Emu Farms Private Limited in the year 2010. He offered investments schemes and sought the help of famous actors, newspapers to advertise his company. He owned a restaurant in Perundhurai.
The offer had 6 emu chicks with fodder, medicines, sheds with maintenance monthly incentive of ₹.6000 and a yearly bonus of ₹.20000 if people invested 1.5 lakhs. Under the VIP scheme, investors were promised a bonus of 30000 rupees per year and 7000 monthly incentive and he promised return of complete payment after 2 years for both the schemes.
Around 96 people invested and were defrauded multi-crores. Selvam of Namakkal, one of the investors approached the Economic Crime Branch in the year 2012.The Namakkal police registered a case and arrested Guruswamy and lodged him in jail. The TNPID Court in Coimbatore sentenced Guruswamy to 10 years imprisonment and a fine of Rs 2.4 crores. The warrant was issued after Guruswamy failed to appear before the court.