Kochi Police Arrest Trio in Rs 100 Crore Agricultural Tourism Investment Scam
In a significant crackdown on financial fraud, the Kalamassery police in Kochi arrested the owners of a private establishment named ATCOS on Sunday for allegedly defrauding over Rs 100 crore from numerous individuals. The accused, identified as Muraleedharan, Ashik Murali, and Akhil Murali, all residents of Thrissur, are accused of orchestrating a large-scale investment scam under the guise of agricultural tourism.
Details of the Fraudulent Scheme
According to police statements, the accused lured hundreds of investors by promising lucrative returns for investing in the agricultural tourism sector. The company, registered under the Multi-State Cooperative Society Act, operated 13 branches across various districts in Kerala and one in Coimbatore, Tamil Nadu. Investors were enticed with the prospect of high profits, but when they did not receive their money back or the promised returns, they approached the company, only to find their funds unrecoverable.
Legal Proceedings and Investigation
The fraud led to 54 cases being registered against the institution across 32 police stations, with 29 cases specifically filed at the Kalamassery police station. Complainants alleged that the accused infiltrated a WhatsApp group created by the victims, allowing them to pre-emptively understand the cases against them and secure court orders preventing their arrest. After the court vacated these orders, the accused went into hiding, prompting the formation of a special investigation team under the instructions of Kochi City Police Commissioner Kaliraj Mahesh Kumar.
Police conducted multiple searches in various locations but the accused evaded capture until they were arrested from an apartment in Amala Nagar, Thrissur. An officer revealed that the trio had been hiding there after secretly renting the apartment using a new SIM card obtained by an employee from Tamil Nadu. Their bank accounts have been frozen, and authorities are taking steps to locate their assets. Additionally, crucial documents were seized from the institution's office in Pathadipalam.
Arrest and Future Actions
The arrested individuals were presented before a Judicial First Class Magistrate and remanded. Police officials stated that a detailed investigation will be conducted after taking them back into custody to uncover the full extent of the scam and ensure justice for the victims. This case highlights the growing concerns over investment fraud in the region and underscores the importance of vigilance among potential investors.
