The Tirupur-headquartered moss finance company said it would pay extra interest on the amount invested by the public. Relying on it, a lot of people invested in that company.
They had lodged a complaint with the Coimbatore Economic Crimes Division police alleging fraud of Rs 870 crore by investing in thousands of people. Financial institution owners Kathiravan, Mohanraj and Kamalavalli were charged and arrested. Kadiravan died due to ill health. The moss fraud case was pending in the Coimbatore Investor Protection Court (Danbit). Judge Ravi said the trial was over and the verdict would be announced.
In this case, the accused filed a petition in the court seeking an injunction against the verdict. Following the trial, the lower court adjourned the case until March 31. A copy of the order was filed by the opposing attorney in Cowan Danbit Court. Following this, Judge Ravi adjourned the hearing of the Coimbatore court to April 1.
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