Two get 10 years RI, ₹24.53 crore fine for cheating 1,062 persons in investment scam
A special court in Coimbatore sentenced two partners of an Erode-based firm to 10 years of rigorous imprisonment for a financial scam that defrauded 1,062 investors of over ₹24 crore. The court also imposed a massive fine of ₹24.53 crore on the convicted individuals.
Why it matters
This ruling serves as a significant legal deterrent against fraudulent investment schemes that target retail investors.
The special court for the trial of cases under the Tamil Nadu Protection of Interests of Depositors (TNPID) Act in Coimbatore on Thursday sentenced partners of an Erode-based firm to 10 years of rigorous imprisonment (RI) for cheating 1,062 investors of ₹24.34 crore.
Special Judge M.N. Senthil Kumar awarded the punishment to P. Viswanathan (40) of Poovampalayam near Perundurai and S. Gowrishankar (40) of Pichandanpalayam near Perundurai, partners of ‘Green Life Farms and Poultry’ based at Chithode in Erode. The court also slapped a fine of ₹24.53 crore on them.
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