The special court for the Tamil Nadu Protection of Interests of Depositors (TNPID) Act has sentenced two persons from Erode district to 10 years imprisonment and fined them Rs 55 lakhs each.
Kumar (49) and Karthikeyan (51) from Erode district had allegedly cheated 40 people by advertising in two places in Dindigul district to invest in Emu farms. Two cases were registered against them by the Economic Offences Wing (EOW), Coimbatore.
The case was heard in the special court for the Tamil Nadu Protection of Interests of Depositors (TNPID) Act Coimbatore. Justice As Ravi on Thursday gave the verdict according to which both Kumar and Karthikeyan were convicted and sentenced to 10 years jail term and fined Rs 55 lakhs each.