COIMBATORE: A special court for Tamil Nadu Protection of Interests of Depositors (TNPID) Act cases in Coimbatore on Friday sentenced two directors of Paazee Forex Trading (India) Private Ltd to undergo 27 years of imprisonment and slapped them with a fine amount of Rs 171.54 crore.
The TNPID court judge AS Ravi sentenced two directors K Mohanraj and Kamalavalli to 27 years of imprisonment and slapped them with a fine amount in the multi-crore scam.
The directors had swindled around Rs 930 crore invested by around 58,571 persons in their fraudulent firm in 2011. They were booked under IPC Sections 120 (b) and 420. The CBI has also invoked Section 4 of the Prize Chits and Money Circulation Schemes (Banning) Act 1978 and Section 5 of Tamilnadu Protection of Interests of Depositors. A charge sheet was filed in the case on 27 February, 2013.
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