The Tamil Nadu Protection of Interest of Depositors (TNPID) Court on Tuesday convicted and sentenced Sivasepathi and his wife Mohanapriadharshini from Tiruppur to undergo 10 years of rigorous imprisonment and levied a fine of ₹ 2,42,64,000. The court also issued a non-bailable warrant against the accused, as they failed to appear before it.
In 2013, A. Suresh Babu of Veerakeralam in Coimbatore lodged a complaint with the Economic Offences Wing (EOW) stating that he was cheated by Siva Emu firms, Siva Agri Poultry Farms, Siva Promoters and Developers, Sivasenapathi, his wife Mohanapriadharshini, Sivasenapathi’s mother Padmavathi and manager Kumar alias Kumaravel.
While Padmavathi was not found guilty, Kumaravel died in 2019
Investigation revealed that the said firms were not registered either before the Registrar of Firms or Companies. The firms had several branches in Coimbatore region.
The firm lured depositors with the promise that on payment of ₹ 1 lakh, they would get ₹10,000 every month for two years and an annual bonus of ₹ 10,000. Apart from this, the entire deposit would be refunded at the end of two years. The accused had defrauded 337 depositors of ₹3.72 crore. The case was chargesheeted in 2013.
On Tuesday, the court pronounced the verdict. Special Public Prosecutor Kannan appeared on the government side.