Emu firm fraud: two more held

The Economic Offences Wing police arrested two more persons in connection cheating and financial malpractices in an emu firm here on Tuesday.

The arrested were R. Banu, wife of emu firm owner Rajapandi, and her brother Senthil Murugan. The police are also on the lookout for three more persons in this connection.

Namakkal-based investor Easwaran filed a case in the Madurai Bench of the Madras High Court last year, demanding refund of the money deposited in the firm. He charged that the owner had not returned the money.

A total of 101 investors lodged similar complaints with the EOW police against the firm.

Hundreds of investors had deposited more than Rs. 7.5 crore in the firm. But the owner did not refund the amounts to individual investors on maturity.

Later, the owner expressed his inability to refund the money and promised to pay 50 per cent of the deposit in the form of land or cash before the court.