Crores worth assets identified in emu fraud

Published: 02nd December 2012 08:21 AM  |   Last Updated: 02nd December 2012 10:19 AM   |  A+A-

The Economic Offences Wing of Erode police have identified Rs 50 crore worth movable and immovable assets of 24 emu, poultry and copra firms, which looted public money of around 151 crore.

The immovable assets were spread over 44 locations. The police also seized over 50 vehicles as well as many electrical and electronic goods. DRO S Ganesh froze bank accounts worth about Rs 4.5 crore. The details of the seized assets would be published in the gazette and efforts would be made to auction them and refund money to the depositors.

According to EOW officials, about 54 such firms had been functioning in the district for the past 7 years and had collected crores, luring people with claims of hefty incentives. Since depositors picketed the Susi Emu farm at Perundurai in August, more than 6,189 depositors lodged complaints against 24 firms, involving deposits of Rs 151Cr. The police have so far arrested 58 persons.


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