Two get 10 years imprisonment for duping investors

Coimbatore: A court here on Tuesday sentenced two persons, including a woman, to undergo 10 years imprisonment on charges of cheating 99 depositors who invested Rs 1.55 crore in the poultry business.

The prosecution case was that S Prabhu and Karthika, as directors, started a country chicken farm in Nambiyur in Erode district in 2012 and six more persons were working with them. To lure investors, the firm announced two schemes, offering to set up temporary sheds and provide 500 chicks and feed for those investing Rs 1 Lakh, with a promise of Rs8,500 per month for three years and bonus of Rs8,500 once a year. The second scheme offered a temporary shed with 300 chicks to those investing Rs 1 Lakh and to pay Rs8,500 as monthly incentive for three years and Rs12,000 as bonus once a year. The firm had reportedly collected Rs1.55 crore from 99 investors and duped all of them without fulfilling the promise.

The Economic Offences Wing had registered a case against the firm after complaints were filed by investors, over criminal conspiracy, criminal breach of trust and cheating under IPC sections and also under Section 4 of the Tamil Nadu Protection of Interests of Depositors (in financial establishments) (TANPID) Act.

Delivering the judgement, Judge A S Ravi sentenced Karthika and Prabhu to 10 years’ imprisonment and imposed a fine of Rs 1.65 crore on the duo. -(PTI)