A special court operating under the Tamil Nadu Protection of Interests of Depositors in Financial Establishments (TNPID) Act in Coimbatore delivered a significant verdict on Wednesday, sentencing two individuals to a decade of imprisonment for their involvement in an emu farm scam.
Details of the Convicts
The convicted persons have been identified as Chandrasekaran, aged 48, and Somasundaram, aged 55, both residents of Namakkal. According to police reports, the duo had been operating an emu farm named 'Aadhavan' since 2012.
The Fraudulent Scheme
The perpetrators introduced several enticing investment schemes to the public. One such scheme required an initial investment of ₹1.5 lakh for six emu birds, with a promised return of ₹15,000 along with 4 grams of gold over a period of 24 months. Attracted by these lucrative offers, numerous individuals from surrounding areas invested substantial amounts, totaling lakhs of rupees. However, the accused failed to honor their commitments, leading to a massive fraud amounting to ₹2.37 crore.
Investigation and Legal Proceedings
The victims subsequently filed a complaint with the Namakkal district Economic Offences Wing (EOW). A thorough police investigation revealed that 115 investors had been defrauded of a total sum of ₹2,37,98,900. Additionally, a case was registered against the farm owners' cashier, Amutha, as well as their partners, Ramakrishnan and Anandhan.
Court Verdict
During the trial hearing held on Wednesday, Judge M N Senthil Kumar pronounced the sentence. Chandrasekaran and Somasundaram were each sentenced to 10 years of rigorous imprisonment and were also fined ₹1.3 crore. However, the remaining three accused individuals were acquitted of all charges. The prosecution was represented by Special Public Prosecutor Muthu Vijayan.
