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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 ....
Four of a family from Salem convicted in emu scam Updated: Updated: They had duped 547 investors of ₹ 7.95 crore in two different scams Share Article They had duped 547 investors of ₹ 7.95 crore in two different scams The special court for Tamil Nadu Protection of Interests of Depositors Act cases in the city on Monday convicted four members of a family from Salem for duping 547 investors of ₹ 7.95 crore in two emu scams. Special court judge A.S. Ravi convicted the four persons in two different cases investigated by the Economic Offences Wing (EOW), Salem. In the first case, the court awarded 10 years of imprisonment to C. Ranjithkumar (40) from Sastha Nagar near Suramangalam in Salem, his wife R. Radha (37), and her brother R. Raja (43) from Katheri in Salem. ....