COIMBATORE: A special court for the TNPID (Tamil Nadu Protection of Interest of Depositors Act) cases here, on Wednesday convicted two owners of an Emu firm and sentenced them to undergo five years imprisonment.
Few years ago, the duo, N Senthil Kumar (42) and K Ganesan (32) from Anna Nagar, Karumandi Chellipalayam in Perundurai, were running the Sri Sakthi Emu Firm at Perundurai, in Erode. They received deposits from investors promising higher returns for investments.
Believing them, five people including Vellaisamy (63) from Andipatti in Theni had invested Rs 12 lakh. But, the Emu firm failed to return the money on maturity of the deposit period.
When they approached the Emu firm, they did not give a proper reply. Following this, Vellaisamy lodged a complaint with the Perundurai police in June 2012. The case was transferred to the Erode district economic offences wing. Then police arrested Senthilkumar and Ganesan, and registered cases under the Tamil Nadu Protection of Interest of Depositors Act.
On completion of trial, the special court for TNPID cases on Wednesday convicted Senthilkumar and Ganesan, and sentenced them to undergo five years of imprisonment, and also imposed a fine of Rs 12 lakh. The judge also ordered that the fine of Rs 11 lakh should be distributed to investors, and Rs 1 lakh should be deposited to the government.