Latest news with #Gurusamy
New Indian Express
2 days ago
- Business
- New Indian Express
Emu farm MD gets 10 years RI for Rs 7.61 crore fraud involving 385 investors
COIMBATORE: A special court for cases under the Tamil Nadu Protection of Interests of Depositors (TNPID) Act in Coimbatore on Friday sentenced the managing director of an emu farming company to 10 years of rigorous imprisonment for defrauding 385 investors to the tune of Rs 7.61 crore. The convict, MS Guru alias Gurusamy (46), was the managing director of Susi Emu Farms India Private Limited, headquartered at Perundurai in Erode district. He resided at Sakthi Nagar in Kunnathur, Perundurai. Special Judge M N Senthil Kumar handed down the sentence to Guru following a decade-long trial. In addition to the prison term, the court imposed a fine of Rs 7, 89,25,000 on the company and its director, of which Rs 7.89 crore is to be proportionately distributed among the duped investors, according to Special Public Prosecutor K Muthu Vijayan. The case dates back to 2012 when the Economic Offences Wing (EOW) in Salem district registered an FIR against the company and its MD. Investigations revealed that Gurusamy had launched the firm in 2010, operating out of Raja Street in Perundurai, and promoted fraudulent investment schemes under the guise of emu farming.
Time of India
2 days ago
- Business
- Time of India
Emu farm MD gets 10 years rigorous imprisonment for cheating investors Rs 7.61 crore
COIMBATORE: A special court for the trial of cases under the Tamil Nadu Protection of Interests of Depositors (TNPID) Act in Coimbatore on Friday awarded 10 years rigorous imprisonment to the managing director of an emu farm for cheating 385 investors of Rs 7.61 crore. The court imposed a fine of Rs 7.89 crore on him. Guru alias Gurusamy, 46, was functioning as managing director of Susi Emu Farms (India) Private Limited at Perundurai in Erode district. The farm had opened branch offices in Salem, Coimbatore, Namakkal and a few other places in the state. In 2012, the firm offered various ponzi schemes to lure investors. It received investments of Rs 7.61 crore from 385 investors in Salem district, said K Muthu Vijayan, special public prosecutor for the TNPID court. The Salem economic offences wing (EOW) police registered a case against Gurusamy and two managers of the firm, Kathirvel and Suresh, under sections 406 and 420 of the Indian Penal Code and Section 5 of the TNPID Act in 2012. After hearing the prosecution and defence counsel arguments, special court judge M N Senthil Kumar delivered the verdict on Friday evening. The court awarded ten years rigorous imprisonment to Gurusamy and imposed a fine of Rs 7.89 crore. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với mức chênh lệch giá thấp nhất IC Markets Đăng ký Undo The two managers of the firm were acquitted. Gurusamy was spending his days behind bars in connection with three cases registered in Namakkal, Erode, and Coimbatore district. The EOW police in Erode district froze his property worth Rs 35 crore. The properties were auctioned. The amount of Rs 35 crore has been kept in the district revenue officer's bank account. Get the latest lifestyle updates on Times of India, along with Eid wishes , messages , and quotes !
The Hindu
2 days ago
- Business
- The Hindu
Susi Emu Farms MD gets 10 years rigorous imprisonment in 2012 Ponzi scheme case
The special court for the trial of cases under the Tamil Nadu Protection of Interests of Depositors (TNPID) Act in Coimbatore on Friday sentenced the proprietor of an emu farm in Erode to 10-year rigorous imprisonment for cheating 385 investors of ₹7.61 crore around 13 years ago. Special Judge M.N. Senthil Kumar awarded the punishment to M.S. Guru alias Gurusamy, 46, managing director of Susi Emu Farms (India) Private Limited that operated out of Perundurai in Erode district. The court also imposed a total fine of ₹7,89,25,000 on the company and Gurusamy, and of this sum, ₹7,89,00,000 should be distributed among the 385 investors proportionately, said K. Muthu Vijayan, Special Public Prosecutor, who appeared in the case. The court delivered the judgment in the 2012 case registered by the Economic Offences Wing (EOW) in Salem against the company and its MD. According to the prosecution, the company cheated 385 investors of ₹7,61,09,300 through Ponzi schemes, which were disguised as contract farming of emus. The trial was completed in the special court on Friday. The court found the company and its MD guilty of offences under Sections 420 (cheating and dishonestly inducing delivery of property) and 406 (punishment for criminal breach of trust) of the Indian Penal Code and Section 5 (default on repayment of deposits and interest honouring the commitment) of the TNPID Act. Gurusamy was awarded seven years and three years of rigorous imprisonment for the offences under Sections 420 and 406 of the IPC and another 10 years of rigorous imprisonment for the offence under Section 5 of the TNPID Act. The sentences will run concurrently. The court also ordered that the period of detention already undergone by Gurusamy, if any, should be set off.
The Hindu
04-05-2025
- Politics
- The Hindu
CPI(M) demands rollback of indirect property tax revision
Communist Party of India (Marxist) has appealed to State Government to rollback the manifold increase in property tax on houses and shops of poor people. In a statement, its Virudhunagar district secretary A. Gurusamy said that the party had objected to the State government's proposal in 2022-23 for property tax revision. As per the proposal 25% tax was increased for houses up to 600 square feet, 50% increase for houses up to 1,200 square feet, 75% increase for 1,800 sq ft and 100% increase for houses beyond 1,801 sq ft. The Director of Municipal Administration, in a circular, dated July 20, had contended that the Union government had made increase in property tax collection mandatory for getting subsidy fund under Cleanliness India Mission and Amrut Scheme. Based on that the officials were asked to increase the property tax on properties, on which minimum tax had been imposed. The Commissioners of municipalities and corporations were asked to make field visits on buildings for which the property tax had been fixed below ₹100 to revise it correctly. While the poor people were living in such buildings, the officials had increased the half-yearly property tax for those houses to ₹500 without giving any notice to the building owners. 'Even the elected representatives were not informed about this move and increased the property tax manifold,' Mr. Gurusamy accused. The elected representatives belonging to various parties, including the DMK, CPI (M), Congress, had walked out of the council meetings. But, no action has been taken to reduce the increased property tax, he charged. While the property has been increased significantly in 2022-23 and the State Government has proposed to increase it by 6% every year, this indirect manifold increase in property tax without the knowledge of the house owners was not fair, the statement said. The party has gone to the Madurai Bench of Madras High Court against the decision of the State government.
