Tamil Nadu govt orders seizure of emu firms' assets

The Tamil Nadu government has ordered attachment of assets of five emu farm companies —Susi Farms, NS Agro farm, Queen, Alamu Nidhi and T V S Emu — allegedly involved in the Rs 1,000-crore emu investment fraud.

The seized assets will be auctioned under the Tamil Nadu Protection of Interest of Depositors (TNPID) Act and the Erode district revenue officer has been appointed to carry out the auction process and pay the money to depositors who were cheated by these companies, said a state government official, requesting anonymity.

So far, Rs 21 lakh in cash, 12 vehicles and documents for 50 acres were seized from Susi Emu Farms promoter M S Guru and his wife, while 7,445 emu birds were seized from the company, the official said.

Similarly, the local administration has seized Rs 5.08 crore in cash and 600 birds from Queen Emu Farms and Rs 1.68 crore and 351 birds from N S Agro.

Besides, Guru might be charged under Goondas Act, according to sources. Guru is considered to be the brain behind the financial scam in which Susi Emu Farms and five of its sister companies —Susi Emu Rusi Emu, Susi Land Promoters, G1 Emu Zone, Susi Medical Care and Susi Emu Traders—are involved.

The five group companies existed only on paper.

According to police sources, so far, around 920 complaints were registered against Susi Emu Farms and the company must have swindled around Rs 60 crore.

Queen Emu Farm’s Managing Director Mayilsamy (327 cases worth Rs 18 crore) and Key Gee Bright Live Stock India owner Karthik Sankar (324 cases worth Rs 30.10 crore) are also allegedly involved.