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13 Jul 2024, Edition - 3287, Saturday

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Coimbatore

23 partners of 3 finance companies sentenced to five year imprisonment

Covai Post Network

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A special court, trying cases under TANPID, here today sentenced 23 persons to undergo five years imprisonment with regard to a case of investment irregularities to the tune of Rs.3.6 crore.

The prosecution case was that three private financiers–Mettur Cauvery Finance, Sree Cauveri Finance and Annai Cauvery Finance– have defrauded a large number of investors, without paying the interest or returning the amount collected from them amounting to Rs.3.6 crore between 2005 and 2008.

As the investors approached the court, charge sheets were filed against 24 partners of these companies and the case was going on in TANPID (Tamil Nadu Protection of Interest of Depositors (in Financial Establishments) Special Court.

The special judge, K Babu in his verdict awarded five year imprisonment to 23 accused and imposed fine. One accused died during the course of trial.

The Judge directed the companies to pay Rs.1.4 crore to the depositors and Rs.31.60 lakh to the Government as penalty.

Promising 15 per cent interest for their deposits per month, Mettur based companies in Salem Districts have collected the amount. The companies stopped paying the interest after a few months, following which investors approached the court.

Mettur Finace had collected Rs.1.59 crore from 94 investors, Annai Cauvery Rs.90 lakh from 34 persons and Sri Cauvery Rs.59 lakh from 30 depositors.

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