Erode, Tamil Nadu:
More than Rs 224 crore has been cheated by 42 EMU contract farming firms in the district last year, police said.
Talking to reporters in Erode on Saturday, Jaganathan, Deputy Superintendent of Police, Economic Offences Wing, said "42 EMU firms in the district, mainly in Perundurai area, had collected Rs 224.43 crore from public in contract farming of the Australian bird on promise of very high returns like any ponzi scheme.
9439 persons from the state had lodged complaints with police stating that the firms have cheated them by not paying the monthly assured repayment following which cases were registered against 149 persons.
Already 147 persons were arrested and cases were pending in courts, he said.
The popular Susi Emu Firm has cheated 2590 persons to the tune of Rs 74.62 crore. So far Rs 28.97 crore worth of moveable and immoveable properties owned by 42 EMU firm owners have been seized.
Meanwhile, police urged the general public to be cautious against fake financial firms which were offering false assurance on huge returns for their investments.