Coimbatore: Senthil Nathan (37) and Chidambaram (40) from Perundurai, Erode district started Amman Emu Farm in 2011 in Vijayamangalam, Erode district. Announced 2 offer schemes for the public investing in this company.
Accordingly, if you invest Rs. 10 lakhs in the first scheme, you will get 6 Emu chickens and an incentive of Rs. 6,000 per month. A bonus of Rs 20,000 per annum will be given and the investment will be repaid in 3 years.
They also announced an incentive of Rs 7,000 per month for investing in another scheme and a return on investment within 24 months.
Believing this, a large number of the public invested in the company. But the public was not paid by the company as announced
In this situation, the disillusioned public who had invested in the company lodged a complaint with the Erode Economic Crimes Division Police in 2012. Police have registered a case and are investigating the complaint.
It was revealed that they received Rs 4 crore 34 lakh 13 thousand 500 from 129 people and committed fraud. The case was heard in the Tamil Nadu Investors Protection Court (DANBIT) in Coimbatore.
Meanwhile, Senthil Nathan, one of the owners of Emu Farms, went into hiding without appearing in court. The charges against him have since been dropped and are being heard separately.
Chidambaram, one of the owners of Amman Emu Farms, was sentenced to three years in jail and fined Rs 2 crore and Rs 6 lakh by a Danbit court judge who heard the case. The judge also ordered a fine of Rs 2 crore to be paid to the investors.