A special court in Coimbatore on Friday sentenced two directors of a private firm to undergo 10 years of imprisonment for cheating depositors of ₹ 2.4 crore in an emu contract farming scam.
P. Mohanasundaram (48) and R. Kannusamy (45), directors of R.K. Emu Farms and Poultry, which was functioning at Pattakaranpalayam village in Perundurai, Erode district, allegedly cheated 110 depositors in 2012, court sources said. The firm had advertised schemes that required the investors to pay ₹ 1.5 lakh for rearing the birds.
The Economic Offences Wing in Erode registered a case against the accused in November 2012 and arrested both of them subsequently. The two have been out on bail since, the sources said.
On Friday, Judge of the Special Court for Tamil Nadu Protection of Interests of Depositors Act cases A.S. Ravi awarded the imprisonment and levied a total fine of ₹ 1.21 crore. The court ordered that out of the fine amount, ₹ 1.2 crore must be paid towards the compensation for the investors. As neither of the accused appeared before the special court on Friday, a non-bailable warrant was issued against Mohanasundaram and Kannusamy, according to the sources.
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