Tamil Nadu Chief Minister J. Jayalalithaa today announced steps to mitigate losses incurred by investors in the multi-crore emu farm investment racket in Erode district.
Chairing a review meeting here to discuss the situation, Jayalalithaa said she had asked police to act quickly in nabbing those who were absconding in connection with the scam.
“I have directed police to return the money of the depositors by confiscating the property of the emu farm owners through court,” she said in a statement.
Further, with the emu chicks left unattended and some dead due to their owners absconding, she had directed the Animal Husbandry department to accord due care to the birds.
The department would rear the chicks which would be sold once they grow. Part of the money would be used for covering fodder expenses incurred by the department and the balance distributed among depositors, she added.
Cases had been registered against the Perundurai-based Susi Emu Farm last week after a large number of investors lodged complaints they had not been paid interest for the deposits.
A special team has been formed to arrest owners of four farms, including Susi Emu Farm.
Keywords: J. Jayalalithaa, Tamil Nadu Chief Minister, emu farm investment racket, steps to mitigate losses of investors in emu farm business, Susi Emu Farm, emu chicks, Perundurai
Comments:
It is good news that Tamil Nadu Chief Minister is keen to punish the fraudsters. In Maharashtra too, hundreds of investors have been duped by promoters of who promised high returns from emu farming. Some fifteen–twenty years back teak tree plantations were a craze of the day. Investors in these plantation companies too lost money. It appears that every time such dubious schemes are promoted, a new group of promoters are able to attract investors by promising them high (and unrealistic) returns on their investments. And every time it is the uninformed and gullible investors who are robbed of their money. Promoters of such schemes are rarely punished. It is very difficult to compensate investors as it is possible for the cheaters to delay the legal proceedings. Confiscation of property is easier said than done.
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