VADAKARA: The police have unearthed a major money chain racket which ripped off nearly Rs 82 crore from a number of fortune hunter..
VADAKARA: The police have unearthed a major money chain racket which ripped off nearly Rs 82 crore from a number of fortune hunters in Malabar region.
Tycoon Empire International, the company that has been running the money chain in different parts of Vadakara and Payyoli by circulating fake messages with tantalising offers to multiply money, was found fraudulent after an investigation by Kozhikode Rural Police. "The fraudsters used fake addresses at the banks where they had opened their accounts to collect money from the customers," said Superintendent of Police Kozhikode Rural Neeraj Kumar Guptha. Speaking to media persons he said that the account owners had already withdrawn a major chunk of the amount, leaving only Rs 15 lakh in their account.
Opening four accounts in Punjab National Bank, five in South Indian Bank and two in HSBC, the company owners had a deposit of Rs 16 core at PNB, Rs 54 crore at South Indian Bank and Rs 12 crore at HSBC. According to the information, a group of Tamil Nadu natives have been promoting the money chain among the natives in the past few months. Police had earlier arrested four persons, Sethumadhavan, Assainar Haji, Sirajuddin and Prajith, natives of Vadakara, for enrolling persons into the schemes.However, the police officials are not sure whether Sethumadhavan could give any information on the persons who are directly involved in the case.
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