Thrissur: The Crime Branch probing the investment fraud worth Rs 17 crores arrested KPCC Secretary C S Srinivasan here on Tuesday. C S Srinivasan is the Managing Director of the financial firm which has been embroiled in the investment fraud. The Crime Branch earlier arrested Padma Shri awardee Sundar C Menon who was one of the directors of the company.
According to the complaint filed by the investors, they were lured into depositing huge sums of money in the firm with a promise that the returns will be doubled. The investors said in the complaint that the fraud was to the tune of Rs 17 crores and the company did not return their money.
Srinivasan was apprehended by the Thrissur City Crime Branch team from Kalady. The police have learnt that the company failed to return either the principal amount or the promised interest. Investors have also alleged that the company even refused to return the money to those suffering from serious illnesses. The company amassed investments in violations of RBI guidelines, according to police.
