Pathanamthitta (Keralam), Oct 23 The owner of Tharayil Finance was sentenced to nine years of rigorous imprisonment and fined Rs 3 lakh by a court here in a deposit fraud case.
Judge S Minimol of the Pathanamthitta Additional District and Sessions Court convicted Saji P Sam, a native of Omalloor and owner of Tharayil Finance, under the Banning of Unregulated Deposit Schemes (BUDS) Act, 2019.
The court acquitted Saji's wife, Rani, the second accused in the case.
The verdict is among the first convictions in the district in a case registered under the BUDS Act, police said.
According to the prosecution, Tharayil Finance, which operates from Omalloor, collected Rs 8.7 lakh from a resident of Aruvappulam in Konni in 2021, promising a high rate of interest on the deposit.
However, the amount was not returned, following which the complainant approached the police.
Pathanamthitta police registered a case and launched an investigation.
The BUDS Act was subsequently invoked after more than 250 similar cases were registered against the firm and its owner at various police stations in the district.
The case was initially registered and investigated by S Shaiju, then a sub-inspector at the Pathanamthitta police station, who also arrested the accused.
His successor, Sajan Peter, filed the charge sheet before the court.
Public Prosecutor Binny B appeared for the prosecution.
