Coimbatore Investors Protection Law Court has sentenced the couple to 10 years in jail and fined them Rs. 2,44,00,000 for embezzling Rs. 3,95,72,000 for setting up an Emu poultry farm in Erode.
Coimbatore: Muniyan and his wife Mariammal from Erode district started Sri Nitya Emu and Poultry Farms in 2012 and advertised that they would set up Emu farms for those interested. In just blind trust, 244 people reportedly paid them huge sums of money but instead of setting up Emu farms for them, the couple fraudulently collected the money.
The Erode District Economic Crimes Division police registered a case against the couple for allegedly defrauding the investors to the tune of Rs 3,95,72,000 crore. Subsequently, 11 people, including Muniyan and Mariammal were prosecuted. The case was heard in the Coimbatore Investors' Protection Law Court in the presence of Judge A S Ravi.
Thereafter, Munian and Mariammal were each sentenced to 10 years in prison and fined Rs. 2,44,00,000 lakh. The judge also ordered the release of the other nine people arrested in the case and a refund of the money embezzled from 222 investors.
The Erode District Economic Crimes Division police registered a case against the couple for allegedly defrauding the investors to the tune of Rs 3,95,72,000 crore. Subsequently, 11 people, including Muniyan and Mariammal were prosecuted. The case was heard in the Coimbatore Investors' Protection Law Court in the presence of Judge A S Ravi.
Thereafter, Munian and Mariammal were each sentenced to 10 years in prison and fined Rs. 2,44,00,000 lakh. The judge also ordered the release of the other nine people arrested in the case and a refund of the money embezzled from 222 investors.