Emu scam accused awarded 10 yrs jail, fined Rs 1.2 cr

According to the prosecution, the accused, C Thangavelu, had lured gullible public to invest in his Mathi Emu Farms by floating various schemes. If depositors invested Rs 1.5 lakh, the company would give 10 chick emu birds in addition to Rs 7,000 per month for two years and free medicines to maintain the emu birds and also Rs 15,000 bonus every year. After two years, the principle amount would be returned.

In another scheme, if depositors invested Rs 2 lakh, the company would give 10 chick emu birds, in addition to Rs 10,000 per month for two years and free medicines to maintain the birds and also Rs 20,000 bonus every year. After two years, the principle amount would be returned.

Believing the promises, 51 persons deposited Rs 1,33,78,500 in various schemes. But the firm owners did not repay the money as promised. Instead, they closed the company and fled. Based on a complaint by one R Rajendaran, a case was registered by Perundurai police.

The case was later transferred to the Economic Offences Wing in Erode and cases were booked under 120 (b) (criminal conspiracy), 406 (criminal breach of trust), 420 (cheating) and 5 of TNPID Act-1997.