Kasaragod: The Special Investigation Team (SIT), probing the investment fraud involving Manjeswaram MLA M C Kamaruddin, filed a petition before the Magistrate Court, Kanhangad, on Sunday seeking two days custody of the legislator. Kamaruddin is the second accused in the Fashion Gold Jewellery investment fraud case.
Though normally the application for custody is filed in open court on working days, since the bail plea of Kamaruddin is slated to be heard on Monday the SIT decided to approach the court on Sunday itself. With three more complaints having been received, the number of cases has gone up to 118.
As per the remand report submitted by the SIT in connection with the existing three cases, Fashion Gold Jewellery company managing director T K Pookoya Thangal is the first accused and chairman M C Kamaruddin is the second accused.
Even though there are reports that Pookoya Thangal's son and company director A P Hashim has managed to escape to the Gulf, there is no confirmation from SIT yet.
Details of remand report
Investments were taken from the public in gross violation of the norm that investments should be accepted only from director board members and shareholders of such companies.
The public was made to believe through an illegal contract that they would receive a share in the profits on the lines of shareholders.
The accused cheated the investors by selling off the Fashion Gold branch at Cheruvathur branch to someone.
