Picture used for representational purpose only
COIMBATORE: A special court for trial of cases under the Tamil Nadu Protection of Interests of Depositors (In Financial Establishments) Act, 1997, on Monday sentenced three people, including a woman, to 10 years of imprisonment for cheating 374 investors of Rs 5.62 crore through an emu farm scam.
The convicts were identified as R Raja, his wife R Sasikala and their relative C Ranjith Kumar, residents of Salem district. They had started Abi Emu Farms and Abi Emu and Agro Farms India Private Limited in Salem in May 2012.
The firms offered two investment schemes. Under the farm scheme, the company promised to construct a shed and provide six emu chicks, fodder and medicines for Rs 1.5 lakh investment. The investors were promised monthly incentive of Rs 6,000 and yearly bonus of Rs 20,000. It promised to return the invested amount by the end of the second year. Under the VIP scheme, the company promised to rear emu chicks on behalf of t