Three persons who swindled money from investors in the name of Emu farm in Erode were sentenced to 10 years imprisonment and a 72-lakh rupee fine.
Coimbatore: The Coimbatore TANPID court sentenced three people who defrauded investors with penalty and imprisonment. The court subsequently warned them of a two-year extension if the trio failed to pay the 72-lakh fine.
The TANPID court sentenced two persons to 10 years of jail and a 72-lakh fine for defrauding investors of money in the name of Emu farms. Another person involved in the case was acquitted, and is directed to pay the penalty.
Gurusamy, Murugan, Susila, Lingusamy together advertised attractive schemes through their Emu farm, named Emu Farms India Pvt Ltd. The company functioned in the Hotel Residency Building at Erode Mettur Road in Erode Taluk of Erode District.
Reportedly the trio swindled ₹ 2, 07,500 from 37 investors and fled with money before the said contract period ended.
One of the investors, Gunasekaran, son of Lingappa Chettiyar of Lingampatti Street in Coimbatore registered a case and the Erode Economic Crime Branch Inspector of Police Soundararajan filed a complaint on 14th of March, 2012.
The case was underway at the Tamil Nadu Protection of Interests of Depositors court here and Justice Ravi sentenced the accused Guruswamy, 33, Murugan, to 10 years imprisonment and 72-lakh fine for Susila, Murugan, and Gurusamy. Susila was however acquitted. Tragically, Lingusamy passed away on 30th April 2012.
The court has warned the trio that failure to pay the fine will result in two more years in jail. The second accused Guruswamy failed to appear and the police are searching for him.
The TANPID court sentenced two persons to 10 years of jail and a 72-lakh fine for defrauding investors of money in the name of Emu farms. Another person involved in the case was acquitted, and is directed to pay the penalty.
Gurusamy, Murugan, Susila, Lingusamy together advertised attractive schemes through their Emu farm, named Emu Farms India Pvt Ltd. The company functioned in the Hotel Residency Building at Erode Mettur Road in Erode Taluk of Erode District.
Reportedly the trio swindled ₹ 2, 07,500 from 37 investors and fled with money before the said contract period ended.
One of the investors, Gunasekaran, son of Lingappa Chettiyar of Lingampatti Street in Coimbatore registered a case and the Erode Economic Crime Branch Inspector of Police Soundararajan filed a complaint on 14th of March, 2012.
The case was underway at the Tamil Nadu Protection of Interests of Depositors court here and Justice Ravi sentenced the accused Guruswamy, 33, Murugan, to 10 years imprisonment and 72-lakh fine for Susila, Murugan, and Gurusamy. Susila was however acquitted. Tragically, Lingusamy passed away on 30th April 2012.
The court has warned the trio that failure to pay the fine will result in two more years in jail. The second accused Guruswamy failed to appear and the police are searching for him.