EMU Birds Fetches Poor Price in Auction
The Abandoned Emu Birds Auctioned
Erode (TN), Mar 13, District authorities have auctioned 641 emus that were being looked after by the state after the owners abandoned them following the busting of the Australian bird investment scam. Three bidders from Andhra Pradesh and two from Tamil Nadu attended the auction conducted by the District Revenue Officer S. Ganesh at the collectorate here yesterday. Once fetching a high price of Rs 20,000 each, prices quoted at the auction were only ranging from Rs 450 to Rs 1350, authorities said. The scam came to light after hundreds of investors, who had deposited more than Rs 500 crore in commercial emu firms, complained that no interest or deposit amount were returned to them and cases were registered against various emu firm owners. The 'Tamil Nadu Protection of Interests of depositors court,' had ordered Erode District administration to sell the emu birds confiscated from three firms.
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