Emu farm owner arrested for duping investor of 1.5 lakh in 2012

COIMBATORE: An emu farm owner was arrested on Thursday evening for duping an investor of 1.5 lakh in 2012. This is the first complaint against the emu farm and the economic offences wing, Coimbatore unit, expects more complaints from investors.
A Selvam, 42, of Perundurai in Erode district, owned an emu farm Sibi on Avinashi Road in Tirupur. He had introduced VIP and ordinary schemes for the investors.
As per the VIP scheme, people who invest 1.5 lakh, would get 8,500 per month as 'incentive' for two years. After two years, they would get the capital amount of 1.5 lakh as well. As per the ordinary scheme, the firm would offer eight emu chicks on the first month and 8,000 per month as 'incentive' for two years. After two years, the investors would get the capital amount of 1.5 lakh.
P Surendran, 42, from Peraiyur in Madurai, working in a textile shop, had invested 1.5 lakh under the ordinary scheme and received 8,000 every month.
But after some time Selvam stopped paying him the amount and soon after closed down his farm in 2012. Selvam promised Surendran to return the entire amount within a year but when he failed to do so even after two years, Surendran approached the police.
On Wednesday, Surendran lodged a complaint with the EOW police who registered a case against Selvam under Sections 120 (B) (criminal conspiracy), 420 (cheating) of IPC and 5 of TNPID act.
A team of police from EOW, Coimbatore unit arrested Selvam from Perundurai. Later, he was produced before TNPID court and sent to judicial custody. His son was also brought to Coimbatore in connection with the case and further investigation is on.