Kozhikode: Antony Sunny, director of Anytime Money (ATM), was taken into custody on Friday in the Kannur Urban Nidhi Limited investment fraud case.
The arrest came after the other accused in the case, Shaukat Ali and Gafur -- both directors of the company -- deposed that Antony committed deposit fraud to the tune of Rs 30 crore.
Anytime Money is a subsidiary of Kannur Urban Nidhi Limited, which has been charged with duping more than 100 investors of crores with the promise of higher returns.
As per reports, the employees of ATM got the job by paying Rs 50,000. In order to secure the job, aspirants were directed to deposit the amount in Kannur Urban Nidhi Limited.
On being offered interest rates of up to 12 per cent on their investment, besides a permanent job, employees of ATM deposited lakhs with Kannur Urban Nidhi Limited.
In some cases, even relatives and friends of employees made investments.
The scam came to light when the investors raised complaints regarding not receiving their money even after the due date.
So far, Pantheerankavu police have registered 15 cases against Anytime Money. The case is being investigated by the Crime Branch.