Investment fraud: attachment procedures initiated against eight suspected firms

In the aftermath of the unearthing of a large concern fraud, the constabulary and the Revenue section person initiated measures for the contiguous attachment of each movable and immovable properties owned by 8 backstage companies successful assorted parts of Kerala. The enactment follows an bid issued by District Collector Snehil Kumar Singh.

Based connected the Collector’s order, the slope accounts of each the companies person been frozen with the enactment of the pb slope authorities successful the respective districts. Property transactions by the companies volition beryllium cancelled arsenic per the instructions issued to the territory registrars.

The database of companies identified for ineligible enactment includes the Kozhikode-based Rone Info Trade Private Limited, the Kottayam-based Vaikom Bankers, the Pathanamthitta-based Grihachand Nidhi Limited, the Thiruvananthapuram-based Nirmal Krishna Nidhi, Nirmal Krishna Benefit Fund Limited, Krishna Finance, Crystal Finance, and Global Solutions.

A elder Revenue authoritative said the District Police Chiefs would soon hole abstracted records of the assorted cases registered against the listed companies successful their regions and taxable them to the Collector for further ineligible proceedings. He added that the Regional Transport Officers would beryllium liable for impounding each vehicles owned by these companies arsenic portion of the attachment procedures.

According to Revenue section sources, the ineligible enactment comes successful the aftermath of wide petitions from cheated depositors and enactment committees implicit the reluctance of the accused companies to instrumentality the collected investments. They said the companies had been recovered cheating members of the little income radical investors by promising precocious involvement rates and commission.

Subsequent to the Collector’s order, the pb slope authorities person frozen the slope accounts of the suspects. All fixed deposits and investments successful assorted cooperative firms oregon successful the treasury person been locked to forestall withdrawals and aboriginal transactions.