An amount of ₹4.73 crore was defrauded and the accused was warned of additional 2-year jail in case of failing to pay the penalty
Coimbatore:The Tamil Nadu Protection of Interests of Depositors court ruled 10-year jail and a penalty of ₹4.75 crore for the Managing Director of a chit fund company on Monday.
Chellamuthu, 50 belongs to Netaji Nagar Manikkampalayam road. He along with his wife Parasakthi and Gurusamy, a total of 6 members, together formed a chit fund company under the name Info Tech back in 2009.
The company announced an additional interest amount if invested with them and attracted various depositors.A complaint was lodged in 2010 at the Economics Crime branch in Erode after Chellamuthu and the gang fled with the cash. Investigations revealed that the investors were cheated of ₹4,73,94,000, police arrested all six.
The case was being held at the TNPID court, Coimbatore. Last evening, the court slapped Chellamuthu with a penalty of 4.75 crores and 10 years in jail. He was also warned that failure to pay the fine will result in additional 2-year imprisonment. The fine shall be used to pay the victims.
Five others acquitted with the case were released.
Chellamuthu, 50 belongs to Netaji Nagar Manikkampalayam road. He along with his wife Parasakthi and Gurusamy, a total of 6 members, together formed a chit fund company under the name Info Tech back in 2009.
The company announced an additional interest amount if invested with them and attracted various depositors.A complaint was lodged in 2010 at the Economics Crime branch in Erode after Chellamuthu and the gang fled with the cash. Investigations revealed that the investors were cheated of ₹4,73,94,000, police arrested all six.
The case was being held at the TNPID court, Coimbatore. Last evening, the court slapped Chellamuthu with a penalty of 4.75 crores and 10 years in jail. He was also warned that failure to pay the fine will result in additional 2-year imprisonment. The fine shall be used to pay the victims.
Five others acquitted with the case were released.