Man gets 10 years RI in investment fraud

The Special court for the trial of cases registered under the Tamil Nadu Protection of Interests of Depositors (TNPID) Act in Coimbatore on Tuesday sentenced the proprietor of an investment firm to undergo 10 years of rigorous imprisonment for duping customers of ₹ 4.96 crore.

A.S. Ravi, Special Judge, Special Court for TNPID Act cases, awarded the punishment to Raja of Dindigul district.

According to the Economic Offences Wing (EOW), Raja and his brother Pugazhendhi of Hosur in Krishnagiri district ran a firm named Maze Group of Technology based at Thirupathi Nagar in Hosur. Suresh Babu, Venkattamma, Hemalatha, Parveen Raj from Hosur and Sugadevan from Namakkal worked in the firm.

EOW officials said that the accused allegedly assured investors to provide double returns for their investment in 10 days. A total of 86 persons invested ₹ 4.96 crore in the company and it failed to give the returns to investors as assured.

One of the investors lodged a complaint with the police in Krishnagiri and a case was registered against Raja, Pugazhendhi, the firm and its five employees in 2010. The case was transferred to the EOW, Salem.

After completion of the trial, the court sentenced Raja to undergo 10 years of rigorous imprisonment. It also imposed a fine of ₹ 2.76 crore on him.

The court had awarded 10 years of imprisonment and a fine of ₹ 2.76 crore on Raja’s brother Pugazhendhi on August 31. It acquitted the five employees.

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Printable version | Oct 20, 2021 4:33:14 AM |

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