COIMBATORE: Coimbatore District Revenue Officer (DRO) M Sharmila, auctioned seven properties, which were attached in connection with the Rs 3.83 crore Fine Future scam at the DRO office on Friday.
The Economics Offences Wing (EOW) police had also attached 140 properties belonging to the managing directors and agents of the firm.
The people who bought the land paid the amount at the bank account of DRO. This amount will be disbursed to the investors who were cheated by the firm. So far 90 properties have been auctioned for Rs 25 crore and the remaining 50 properties are yet to be auctioned, according to the sources.
A Senthilkumar and M Vivek were running firms in the names of Fine Futures India, Fine India Sales Private Limited, Best Way and Way2success. They had promised investors a monthly payment of Rs 850 for 60 months for an investment of Rs 10,000 which would be returned at the end of tenure. Agents were also promised Rs 2,000 as commission for every investment of Rs 1 lakh. The firm cheated the investors. Following the investigation, the duo was arrested by the Coimbatore Economic Offences Wing police in 2013.
Later, Vivek’s younger brother M Nithyanandan was arrested and R Sathyalakshmi, an accountant of the firm, surrendered before the TNPID court in July 2014. Later, 43 people who were working as agents were subsequently arrested. So far, 48 people including the company have been named as accused in connection with the case, according to the police.