New Delhi, Aug 26 (PTI) A court in Tamil Nadu's Coimbatore sentenced two directors of Paazee Marketing Company to 27 years of imprisonment on Friday and slapped fine amounting to Rs 171.74 crore on them in a case related to cheating public depositors to the tune of Rs 870.1 crore, the CBI said.

In a statement, the agency said the court sentenced K Mohanraj and Kamalavalli, both directors of private firms, to 27 years of rigorous imprisonment (consecutively for all sections) with a fine of Rs 42.76 crore each, and imposed a fine of Rs 28.74 crore each on three private firms -- Paazee Forex Trading India Private Limited, Paazee Trading Inc. and Paazee Marketing Company.

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A spokesperson of the Central Bureau of Investigation (CBI) said the case was related to cheating public depositors to the tune of Rs 870.1 crore (approximately).

"The total fine imposed amounts to Rs 171.74 crore," the official said.

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The agency had registered the case on June 15, 2011 on the orders of the Madras High Court.

Paazee Marketing Company, based in Tamil Nadu's Tiruppur and run by Mohanraj and others, had floated various schemes between July 2008 and September 2009, and cheated depositors to the tune of Rs 870.1 crore by collecting deposits from them on the false promise of high returns, the statement said.

The website of the firm -- paazeemarketing.com -- fraudulently mobilised deposits and investments by dishonestly promising that the same would be used in the forex trading business, the CBI spokesperson said.

"The accused further promised that huge dividend/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 M/s Paazee Marketing Co.," the statement said.

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