The Special Court for cases under the Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Act (TNPID) has convicted and sentenced two persons — including a director and an administrative staff member — to five years’ imprisonment for inducing 68 persons to invest ₹1.51 crore and failing to return the money as promised in 2017.
According to the Economic Offences Wing (EOW) of the Tamil Nadu Police, one of the accused, Ashokan, ran a firm named Express Car Wash India (P) Ltd, located at the SIDCO Industrial Estate, Ambattur, as its director, while the other accused, Sujatha, worked as an administrative staff member.
The prosecution alleged that the accused claimed the funds would be used to run a car wash and vehicle cleaning business and to purchase the required technical equipment and machinery. They further stated that a Bolero Maxi Truck would be purchased by collecting an advance of ₹1 lakh from an investor, while the remaining amount would be financed through a bank loan raised in the investor’s name.
They assured investors that the newly purchased vehicle would be used by the company for five years, during which the company would pay the monthly loan instalments. The accused also promised to pay a monthly rental of ₹30,000 to the investors and claimed that the vehicle would ultimately belong to them.
