A special court in Coimbatore, established to try cases under the Tamil Nadu Protection of Interests of Depositors (TNPID) Act, on Wednesday sentenced a couple to 10 years of rigorous imprisonment for cheating 103 investors of ₹1.35 crore through a fraudulent real estate scheme.
The accused — S. Balu alias Paul Mathew and his wife Sherlin Sheeba, residents of Kumaran Street in Varadharajapuram Medu near Singanallur — operated a real estate firm named Chola Promoters on Kothari Mill Lane, Singanallur.
Real estate scheme lured investors with plot offers
According to police, the firm advertised extensively through newspapers and television channels, claiming to offer house plots for sale at Edayarpalayam near Pappampatti. Investors were asked to pay an advance of ₹25,000 and monthly instalments of ₹5,000 per plot.
One of the complainants, B. Senthil Kumar of Kavundampalayam, paid ₹2,97,500 for two plots. However, no plots were registered in his name, and repeated attempts to contact the promoters failed.
In 2016, the couple abruptly shut down their office, prompting Senthil Kumar to file a complaint with the City Cybercrime Branch (CCB).
Fraud spanned nearly three years
Police investigations revealed that the cheating occurred between July 2013 and February 2016, affecting a total of 103 investors. The CCB initially registered a case, which was later transferred in February 2017 to the Economic Offences Wing (EOW), Coimbatore, for deeper investigation.
The EOW gathered evidence confirming that the couple had collected substantial sums without completing land registrations or returning the money.
Court sentences couple, imposes hefty fine
The special court found the accused guilty under relevant sections of the TNPID Act. Judge M. M. Senthil Kumar sentenced both Balu and Sheeba to 10 years of rigorous imprisonment.
Special Public Prosecutor C. Kannan said the court also imposed a fine of ₹1.39 crore, directing that the amount be distributed among the affected investors.
The ruling is expected to bring relief to many who lost their savings in the fraudulent scheme and reinforces the TNPID Act’s role in safeguarding investor interests.