Second charge sheet filed against Fine Future firm

COIMBATORE: Economic Offences Wing (EOW) officials, Coimbatore Unit –II, have filed a second additional charge sheet against Fine Future firm that allegedly cheated the public of Rs 818 crore, before the Tamil Nadu Protection of Investors and Depositors (TNPID) court here on Monday.
The second additional charge sheet has been filed against the firm and its managing directors A S Senthil Kumar and M Vivek, his younger brother M Nithyanandam and R Sathyalakshmi, an accountant.The charge sheet is 6,148 pages long and has 90,000 supporting documents attached to it.
“As many as 9,121 complaints of fraud amounting to Rs66.39cr have been listed in the charge sheet,” said M Selvaraj, deputy superintendent of police, EOW. The charge sheet and supporting documents were taken to the TNPID court. It was produced before judge (in-charge) V Sivasubramaniam.
The EOW police had filed the first charge sheet against Fine Future firm and its managing directors on May 3, 2013. The first additional charge sheet was filed before the court in February, 2014. As many as 14,766 complaints worth Rs116.57cr were listed in the charge sheet.
“We have already seized Rs1.86cr in cash, gold ornaments worth Rs2.71cr, vehicles worth Rs1.20cr and 89 properties worth Rs8.86cr. We have got a government order for the attached properties. We have sent a proposal to the government to attach 139 properties in connection with the case,” said DSP Selvaraj.
Till now, the EOW police have received 23,887 complaints worth Rs170.96cr. Thousands of investors are yet to file their complaints, said Selvaraj.
The firm and managing directors were booked under sections 120 (B) (criminal conspiracy), 406 (criminal preach of trust), 419 (cheating by personation), 420 (cheating and dishonestly inducing delivery of property), 471 (using as genuine a forged document or electronic record) and 468 (forgery for purpose of cheating) of IPC, 4, 5, 6 of prize chit and money circulation banning act 1978 and 5 of TNPID act.
Fine Futures, an online multi-level marketing portal started running businesses in the name of www.finefuturess.org, www.finefuturesss.org, www.goodaaim.com, www.gudwayss.in, www.way2success.com, and five other names, four years ago. Investors were promised a monthly payment of Rs850 for 60 months for an investment of Rs10,000, to be returned at the end of the tenure.