A special court in Coimbatore has delivered a stern verdict in a major financial fraud case, sentencing a husband and wife to a decade behind bars for orchestrating a real estate scam that duped over a hundred investors.
Couple Found Guilty Under Depositors Protection Act
The Special Court for cases under the Tamil Nadu Protection of Interests of Depositors (TNPID) Act pronounced the judgment on Wednesday. The convicted individuals, S Balu alias Paul Mathew and his wife Sherlin Sheeba, were handed 10 years of rigorous imprisonment for cheating 103 investors out of a total sum of Rs 1.35 crores.
Details of the Real Estate Scam
The couple, who lived on Kumaran Street in Varadharajapuram Medu near Singanallur, operated a firm named Chola Promoters from an office on Kothari Mill Lane in the same area. They lured investors through advertisements in newspapers and on television, offering house plots for sale in Edayarpalayam near Pappampatti.
The scheme required an advance payment of Rs 25,000 followed by monthly installments of Rs 5,000 per plot. One of the victims, B Senthil Kumar from Kavundampalayam, paid Rs 2,97,500 for two plots but never received the registered land documents.
The fraudulent operation ran from July 2013 to February 2016. The couple abruptly shut down their office in 2016, prompting Senthil Kumar to file a formal complaint with the Coimbatore City Cybercrime Branch (CCB).
Investigation, Trial, and Court Order
Following the complaint, the CCB registered a case against the firm and the couple. In February 2017, the case was transferred to the Economic Offences Wing (EOW) in Coimbatore for a deeper investigation.
After examining the evidence, Judge M M Senthil Kumar of the special court found the accused guilty of all charges. In addition to the prison sentence, the court levied a heavy fine. Special Public Prosecutor C Kannan stated that the court imposed a fine of Rs 1.39 crore and directed the convicted couple to distribute this amount as compensation to the defrauded investors.
This ruling underscores the judiciary's stringent approach towards financial crimes under the TNPID Act, aiming to protect depositors and deliver justice to victims of investment fraud.
