Kannur: One more case was registered on Saturday in connection with the multi-crore scam at the Kannur Urban Nidhi Limited.
The latest case is against the directors of the financial firm, Shoukat Ali, Gafur, Antony and Pradeesh. The bank allegedly cheated more than 100 investors with the promise of a higher return.
NV Babu, 54, a native of Periyathayannur in Kasaragod, who allegedly lost Rs 8.6 lakh after investing in the bank, is the complainant.
“As per his complaint, the man deposited the amount in various installments between 2021 and 2023. But, he did not get either the deposited amounts or interest. An FIR has been registered and investigation is going on,” said the Kannur Town Police.
More than 100 complaints from investors in the bank have been registered with the Town Police. Shoukat Ali and Gafur were arrested in January.
The investors have alleged that the firm promised them an interest of up to 12 per cent for their deposit. Many people who fell victim to the fraud invested up to Rs 34 lakh while the bank collected amounts ranging from Rs 20,000.
According to reports, the bank paid interest to investors in the initial stage, but stopped after investments increased.
