New Delhi, Aug 27 (IANS): In a rarest and strictest of punishments, a special CBI court in Tamil Nadu's Coimbatore has handed one K. Mohanraj and Kamalavalli 27 years' Rigorous Imprisonment besides ordering each to pay a fine of Rs 42.76 crore in a case related to cheating the public depositors to the tune of Rs 870.10 crore through Ponzi schemes.

The court also imposed a fine of Rs 28.74 crore each on three private firms Paazee Forex Trading India Pvt Ltd, Paazee Trading Inc and Paazee Marketing Co.

The total fine imposed amounts to Rs 171.74 crore.

The CBI had registered a case on June 15 on the orders of the High Court of Madras against the accused.

It was alleged that Paazee Marketing Co, Tiruppur run by Mohanraj, director and others including other private companies floated various schemes between July 2008 and September 2009 and cheated various depositors to the tune of Rs 870.10 crore by collecting deposits from them on the false promise of high returns.

It was further alleged that the accused including directors of the companies through the website www.paazeemarketing.com fraudulently mobilised deposits and investments, dishonestly promising that the same made by the public would be used in Forex Trading business.

The accused further promised that huge interest would be paid in very short duration on the deposits so collected.

The accused issued post-dated cheques drawn on various Banks where the accused opened accounts in the names of Paazee Forex Trading India Pvt. Ltd, Paazee Trading Inc. and Paazee Marketing Co.

After investigation, a chargesheet was filed against the accused on October 7, 2011.

The court noted that the CBI had successfully proved its case beyond reasonable doubts and held all the accused guilty.