Coimbatore court sentences duo to 10 years jail for cheating depositors

COIMBATORE: A special

court

in Coimbatore on Tuesday sentenced a man and a woman to ten years rigorous imprisonment for

cheating

99

depositors

of Rs 1.55 crore. The court acquitted six others accused in the case.

Police said Karthika, 32, wife of G R Manikandan, and S Prabhu, 30, started a country chicken farm named Healthy Poultry Farms India Private Limited at Nambiyur in Erode district in 2012. They were directors of the firm. Six more people, including Karthika’s husband Manikandan, K Sathish alias Sathishkumar, N Murugan, M Ramasamy, R Jayasamundeeswari and S Rajendran were working in the firm.

The firm announced two schemes to lure depositors. As per the first scheme, if an investor invested Rs 1 lakh, the firm would set up a temporary shed and provide 500 country chicks and feeds. The firm also promised to pay Rs 8,500 per month for three years to the investor as an incentive and provide Rs 8,500 as bonus once in a year. After three years, the capital investment will be returned to the investor.

As per the second scheme, the firm will set up a temporary shed and provide 300 country chicks to those who were investing Rs 1 lakh in the firm. The firm promised to pay Rs 8,500 as monthly incentive for three years and Rs 12,000 as bonus once a year.

The firm cheated 99 investors of Rs 1,55,50,000.

Based on a complaint, the Economic Offences Wing (EOW) police in Erode registered a case against the firm and its directors and staff for criminal conspiracy, criminal breach of trust and cheating under section of the

IPC

and under Section 4 of the Tamil Nadu Protection of Interests of Depositors (in financial establishments) (TNPID) Act. The trial was held in the TNPID court.

Judge A S Ravi pronounced the verdict on Tuesday. He sentenced Karthika and Prabhu to ten years’ imprisonment and imposed a fine of Rs 1,65,60,000 on them.