Complaints received from more than 300 investors
The Economic Offences Wing on Thursday arrested ten persons of a private firm that was involved in the contract farming of emu and poultry birds.
The wing received complaints from more than 300 persons who invested in the Erode-based Nithya Emu and Poultry Farm.
Rs. 5 crore collected
It was said the firm collected about Rs.5 crore from the people, promising staggering returns. But it had failed to pay the monthly payments to the investors for the past few months.
The investors found the firm’s offices closed.
As they could not contact the promoters of the firm, they registered complaints with the wing.
A team from the wing arrested the firm’s promoter Murugavel (40), his wife Latha (35), son Guna (17), manager Ganesan (25) and the employees of the firm Raju (45), Suresh (25), Manivannan (25), Balaji (29), Prabhakaran (26) and Ramesh (23). Police also seized Rs.1 lakh and 11 vehicles, including cars, vans and motorcycles used by the firm.
The arrested were produced before the Tamil Nadu Protection of Interests of Depositors (TNPID) court and lodged in the Central prison in Coimbatore.