Kannur: Kannur Police on Saturday arrested Rahul Chakrapani, the owner of the Royal Travancore Farmers Producers Co, in connection with a multi-crore investment fraud case.
He was taken into custody from the company's head office at Chettipady here on Friday in a case registered by Kannur Town Police.
After receiving information that Chakrapani had arrived at the company head office, many depositors reached the office and demanded their money back. Before the protest got out of hand, police took him into custody. After hours of interrogation, his arrest was recorded on Saturday, police said.
The Kannur-based Royal Travancore was formed in 2021. It received crores of rupee as deposits from farmers and merchants after they promised to pay high interest, investigators said.
But when the promises were not met, two people from Kannur filed a case against the company and Chakrapani. In one case, a man from Aroli here said he was cheated of his Rs 10 lakh. He neither received the promised interest nor the money invested. In another case, the complainant said he lost Rs 3.6 lakh.
Similar cases were registered against the man at various stations in the district, police said.