Tirupur: The judicial magistrate court here awarded two years' rigorous imprisonment to three people, including a septuagenarian, for cheating people by running a chit fund in the district on Thursday.
R Ramasamy, 80, of Ganapathipalayam near Palladam, along with many others lodged a complaint against owners of the chit fund - R Palanisamy, 74, P Balamani and P Dhanapal. The firm failed to provide returns and cheated investors of Rs 1.32 crore.
The district crime branch registered a FIR against the trio under 420 IPC and Prize Chits and Money Circulation Schemes (Banning) Act in March 2014. The police filed a chargesheet before the judicial magistrate court. On Thursday, judge Jaganathan found all of them guilty and directed them to undergo rigorous imprisonment and also pay total fine of Rs 15,000. tnn
