A special court in Coimbatore on Thursday sentenced a man hailing from Tiruppur to undergo ten years of rigorous imprisonment (RI) for cheating investors of ₹2.37 crore in 2015.
Judge A.S. Ravi, Special Court for the trial of cases registered under the Tamil Nadu Protection of Interests of Depositors (TNPID) Act in Coimbatore, awarded the punishment and a fine of ₹52.50 lakh to S.P. Kalaimani, a resident of Thaneer Pandal Kattu Thottam at Vellakoil near Kangayam in Tiruppur district.
The Economic Offences Wing had booked Kalaimani and three others - Palanisamy Gounder, T. Saminathan and R. Sivasubramaniam - on charges of cheating 24 investors of ₹ 2,37,97,000 by promising to give higher returns for their deposits. The accused ran five investment firms.
The court found Kalaimani guilty of the charges against him and convicted him on Thursday. It acquitted the three others. Special public prosecutor Kannan appeared for the prosecution.
