Coimbatore: A special court for exclusive trial of cases under the Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Act, 1997, on Friday sentenced two directors of an Erode-based emu farm to 10 years of imprisonment, for cheating 110 investors of Rs 2.40 crore.
The convicts were identified as P Mohanasundarm, 48 and R Kannusamy, 43, residents of Perundurai in Erode district. They had launched R K Emu and Poultry Breeders Private Limited at Pattakaranpalayam in Perundurai in 2011.
The firm offered two schemes, a judicial source said. “Under the normal scheme, those who invested Rs 1.5 lakh were promised six emu chicks and a shed for rearing them, along with fodder and medicines. The company assured to give monthly incentive of Rs 6,000 and yearly bonus of Rs 10,000. By the end of the third year, the invested amount will be returned. Under the VIP scheme, the firm offered to rear emu chicks for investors who deposited Rs 1.5lakh and assured all benef
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COIMBATORE: A special court for the Tamil Nadu Protection of Interest of Depositors (In Financial Establishment) Act, 1997, on Wednesday convicted a 41-year-old Salem resident and her 21-year-old son for cheating 76 depositors of Rs 1.15 crore in connection with a poultry farm scam.
The court sentenced G Mallika and her son G Mukesh to 10 years of imprisonment and slapped a penalty of Rs 75 lakh on them. As the accused did not appear before the court on Wednesday, special judge A S Ravi issued a non-bailable warrant against them.
In March 2012, S K Ganesan, 47, his wife Mallika and their sons Mukesh and G Manoj Kumar, 19, had started two poultry companies – Raja Rajeswari Poultry Farm and Sri Raja Rajeswari Poultry Farm – at Perundurai in Erode district. “The firms offered 375 chicks and fodder for Rs 1 lakh deposit. They promised to give Rs 7,000 per month as maintenance charge and Rs 8,000 as yearly incentive. The investors