Police recommend CBI probe into ₹1,000 cr VPVV investment scam

Kerala Police have recommended handing over the investigation into the alleged ₹1,000 crore VPVV investment scam to the Central Bureau of Investigation (CBI), following indications that the fraud had spread across several states using the names of the defence forces.

The police submitted the recommendation to the Home Department, citing the need for a central agency to investigate the cases in a coordinated manner. Kilikkollur police in Kollam, which registered an FIR against the accused, and the Kollam City Police Commissioner had earlier communicated the need for a CBI probe.

The Enforcement Directorate (ED) had already initiated an investigation into the scam.

The Kerala High Court will consider on Tuesday a petition filed by Harikrishnan, a Thiruvananthapuram native and one of the alleged victims, seeking a CBI investigation. The court has sought a report from the state police chief in connection with the petition.

Meanwhile, fresh cases have been registered against the VPVV company at the Chalakudy and Chengamanad police stations in Kerala. The cases were registered based on complaints by Baiju Thomas, a native of Potta, who alleged that he was defrauded of ₹50 lakh, and Jovin Subhash of Puthenvelikkara, who alleged that he lost ₹40 lakh.

The company is facing 11 cases in Kerala alone. The main accused are Kollam natives Venkita Venkit, Pradeep Kumar, Rajasekharan and Gopika Raj, along with G S Biju of Varkala.