4 get 10 years jail in cheating case

Coimbatore: A special court for cases under the Tamil Nadu Protection of Interests of Depositors (in financial establishments), Act on Friday awarded ten years rigorous imprisonment to four people from Susi Land Promoters for cheating 51 investors of 87.33 lakh.
The court also directed the deputy superintendent of police of the Economic Offences Wing (EOW) unit in Erode district to conduct an inquiry into the transfer of 1 crore to the account of the wife of an income tax officer by one of the convicts.
Susi Land Promoters operated between 2010 and 2012 at Perundurai in Erode district. As it promised higher returns to investments, at least 51 people deposited 87.33 lakh in the two year. After the firm failed to return the promised money, investors lodged a complaint with the Economic Offences Wing.
Subsequently, police arrested firm’s shareholders M S Gurusamy, 42, from Sakthi Nagar at Perundurai, K Amuthan, 31, from Gandhi Maa Nagar in Coimbatore, M Parthiban, 35, from Perundurai and P Suresh, 36, from Kangeyam in Tirupur district. They were booked under sections 120 (b), 406, 420 of the Indian Penal Code and Section 5 of the TNPID Act.
Police filed a chargesheet before the special court and special public prosecutors Muthuvijayan and Sampath appeared on behalf of the prosecution. After examination of witnesses, judge A S Ravi pronounced the verdict on Friday and sentenced the four accused to ten years of rigorous imprisonment. The court also ordered them to pay a total fine of 81.9 lakh. Following the judgement, they were lodged in the Coimbatore central prison.
The court also directed the EOW, Erode unit, to inquire into the allegations levelled by Gurusamy against income tax department officer Velumani in Coimbatore. According to Gurusamy, he transferred 1 crore to the bank account of Velumani’s wife Swetha on March 22, 2012, for the purpose of constructing a CBSE school at Periyanaickenpalayam in Coimbatore. The court also directed the DSP to look into Gurusamy’s allegation that a Tamil news channel reporter had received 5 lakh from him.