Two persons get 20 years jail in emu scam

Two proprietors of a firm that offered investment schemes involving emu farming were awarded 20 years of rigorous imprisonment (RI) by a special court in Coimbatore on Thursday.

A.S. Ravi, Special Judge, Special court for the trial of cases registered under the Tamil Nadu Protection of Interests of Depositors (TNPID) Act in Coimbatore, sentenced M.S. Kumar (49) of Chennimalai in Erode and Karthikeyan (51) from Ramu Colony in Tiruppur to undergo the punishment in two separate cases.

According to the Economic Offence Wing (EOW), the duo started a company named Om Sakthi Emu Farms with its office at Thanneerpanthampatti near Vedasandur in Dindigul district in 2011.

The firm offered two schemes. In the first scheme, the company assured investors to provide six to 20 emu chicks, feeds and sheds for their rearing for investments ranging from ₹ 1 lakh to ₹ 5 lakh. The investors were promised to get monthly maintenance charge of ₹ 6,000 to ₹ 10,000 and annual bonus of ₹ 20,000 to ₹ 30,000 for 24 to 36 months depending on the initial deposit they make.

Under the second scheme, the firm would rear emu chicks and it offered investors attractive monthly returns and annual bonus. Sixteen persons invested a total sum of ₹ 23.83 lakh in the company which failed to keep up the promises.

An investor, Vellimalai of Pannaipatti in Dindigul, lodged a complaint with the District Crime Branch, demanding action against the firm and its proprietors for cheating.

A case was registered against the firm and the proprietors which was later handed over to the EOW, Coimbatore. Besides sentencing the proprietors to undergo 10 years of RI, the TNPID court slapped a fine of ₹ 27.50 lakh on them.

Kumar and Karthikeyan had a second case against them for cheating 25 investors of ₹ 58.51 lakh which was also investigated by the EOW.

The court awarded 10 years of RI and a fine of ₹ 55 lakh to them. Special Public Prosecutor S. Manickaraj appeared for prosecution.

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Printable version | Dec 2, 2021 1:14:36 AM |

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