8 months ago
3
The Kalamassery constabulary successful Kerala person registered aggregate FIRs against a now-defunct concern steadfast for allegedly defrauding investors of crores of rupees by luring them with promises of precocious involvement rates.
The firm, Agri Tourism Multistate Co-operative Society Ltd (Atcos), operated from a rented gathering astatine Pathadipalam successful Kochi since 2022, which was vacated by the landlord owed to non-payment of rent. Reportedly, investors from crossed Kerala person fallen unfortunate to the alleged Ponzi scheme.
Among those named successful the FIRs are institution president Akhil Murali, vice-chairman P.R. Muralidheeran, managing manager Ashiq Mani, directors K.V. Rajeshwary, and K.S. Anju, Manikantan, and Manikantan, adjunct wide manager. All the accused are absconding.
It is alleged that the steadfast misled investors into believing it was recognised by the Central government. Since March, it has reportedly failed to disburse involvement payments and matured investments. Following the closure of the steadfast and its branches, investors began approaching the staff.
The victims see individuals from assorted walks of life, galore of whom invested amounts ranging from respective lakhs to implicit a crore each, lured by involvement rates exceeding 14.50%. One of the FIRs was filed based connected the ailment of a retired lieutenant colonel who invested ₹1 crore, of which reportedly lone ₹10 lakh has been repaid.
The cases person been registered nether applicable provisions of the Bharatiya Nyaya Sanhita Section 316 (criminal breach of trust), Section 318(4) (cheating with cognition of wrongful loss), Section 3(5) (criminal enactment committed by respective persons successful furtherance of communal intention), arsenic good arsenic Section 420 of the Indian Penal Code (dishonestly inducing transportation of property).
