Third accused in Rs 100cr investment fraud surrenders before Thrissur Crime Branch
Four members of a family, who ran the Dhana Vyavasaya Bankers in Thrissur, are the accused.
Four members of a family, who ran the Dhana Vyavasaya Bankers in Thrissur, are the accused.
Four members of a family, who ran the Dhana Vyavasaya Bankers in Thrissur, are the accused.
Thrissur: The third accused in a Rs. 100-crore investment scam involving Dhana Vyavasaya Bankers in Thrissur surrendered before the investigation team on Thursday.
Vadookara Pananchery Veettil Kochurani (62), who had been absconding since January, when the scam came to light, surrendered before the City Crime Branch unit.
Besides Kochurani, her husband Joy D Pananchery and their sons, David and Chacko – all directors of the financial firm – are the accused. The others were arrested a few weeks ago.
According to a Crime Branch officer who is part of the investigation, Kochurani had moved for anticipatory bail at the High Court and later the Supreme Court. She surrendered before the investigating officer after her bail petitions were rejected, said the officer.
KA Thomas, Assistant Commissioner, City Crime Branch, is the investigating officer in the case. So far, 125 cases have been registered against the accused.
Promise of 15% interest
According to reports, Joy D Pananchery lured investors by offering an interest of upto 15 per cent. The firm, situated at Thrissur Post Office Road, amassed nearly Rs 100 crore with investments ranging from Rs 1 lakh to Rs 50 lakhs.
The alleged fraud came into light when a woman from Kanimangalam and her relatives, who had invested in the firm, registered a complaint with the Thrissur East Police. According to the complaint, the directors of the firm refused to return Rs 54 lakh they invested.
Following this complaint, over a 100 other investors approached the police and a mass petition was submitted before the district crime branch demanding a thorough probe.