5 get 5 years in jail for duping investors, 2 fined Rs 2 cr

Five persons were sentenced to five years in jail and two of them fined Rs 2 crore each by a special MPID court in Thane in Maharashtra for duping investors.

The five who were held guilty under the Maharashtra Protection of Interest of Depositors Act and IPC by special MPID Judge PP Jadhav were Narayandas Thakkar, his wife Nalini and Yadnesh, Pappu and Virendra, who are brothers.

The five ran a grocery shop and duped hundreds of people who invested in a medical company floated by them between 1998 and 2003, said special public prosecutor (MPID) Vivek Kadu.

"They had promised investors 2 per cent interest per month. Narayandas and his wife Nalini were fined Rs 2 crore each and they will have to serve an additional year in jail if they fail to pay this amount. The other three accused have been fined Rs 1 lakh each," Kadu said.

While one person, identified as Devendra Thakkar, was acquitted in the case, another, Divyesh Thakkar, is on the run, he added.