KALPETTA: Even as the police are groping in the dark on how to tackle the mammoth statewide money-chain fraud and the DGP lamenting 'the police failed to monitor the activities of such companies', the real magnitude of the fraud is still unexposed.
Though the DGP had assumed that the fraud involved about `1,000 crore, many point out that what is already exposed is just a tip of the iceberg. The police, under the leadership of two officials DySP Muhammed Shafi, Mananthavadi, and DySP P P Sadanandan (crime detachment), Vadakara, could successfully trace up to the top echelons of 'Bizarre' and 'Tycoon' companies, respectively.
But, the rest and more influential MLM money chain groups are still untouched. "The Tycoons had a total of `415 crore in their 12 accounts of the Punjab National Bank, South Indian Bank and ICICI. The details of the accounts in State Bank of India and HDFC are yet to be received," says P P Sadanandan, DySP, Vadakara, who is investigating the case."The total amount mobilised by the two companies alone is about `535 crore and with other companies the amount would cross `1000 crore," say the police officials. "Such companies are engaged in daylight looting and the operations of much influential companies like RMP are yet to be brought under the ambit of investigation," said prominent lawyer Adv P Chathukkutty, who is also the chairman of Malabar Devaswam Board.Interestingly, the police charge cases against the culprits under the Prize Chits and Money Circulation Schemes Act. Why did the police fail to ensure rule of law until thousands fell in to the trap? Most of the police officials cite lack of complaints.
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