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Fake currency scams are targeting shop owners in Edappal and Changaramkulangara.
The accused, Binu (49), is a native of Wadakkanchery in Thrissur.
The Sessions Court earlier rejected his plea for pre-arrest bail.
The arrested, Ramya (39) of Vaikom, is a staff member at the Royal Wellness Spa in Edappally.
According to the FIR registered by Palarivattom police, Baiju collaborated with Ramya and Shiham to blackmail and extort money from a civil police officer.
Police suspect more people may have been defrauded but refrained from filing complaints out of fear of public embarrassment.
The investigation, led by Customs and the police, focuses on illegal fund transfers between Bengaluru and Kerala.
The accused extorted the money from the complainant after claiming that he had stolen a golden chain from the spa.
Officials said the TMC leader and his associate had availed loans amounting to ₹12 crore in 2015.
Officials said the hawala money was recovered from a secret compartment in the vehicle.
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