Sulthan Bathery: Wayanad police arrested the main accused in a Rs 53 lakh online money-doubling scam at Nedumbassery airport early Monday morning. The accused, TM Asif (46), of Marakkarath House, Edakkara in Malappuram district, had absconded for over a year. He allegedly defrauded 29 people within the Sulthan Bathery police jurisdiction, promising to double their investments through an online scheme.
Police had issued a ‘lookout notice’ for Asif, who also faces charges at Meenangadi, Mukkam, and Koothuparamba police stations. According to police, Asif organized a business conference at a private hotel in Sulthan Bathery under the name “My Club Traders and Trade Services, an International LLP” on July 25, 2020, claiming to offer profits on par with international standards. One complainant invested Rs 55,000 but received neither the deposit nor any profit. The scam extended across Wayanad, Kasaragod, Thrissur, and Kozhikode, with promoters recruited in multiple districts.
The case was registered in 2022 based on a complaint from a resident of Noolppuzha. After charges were filed, Asif fled to the Gulf, while nine co-accused, including company partners, directors, and promoters, were arrested.
Police officially recorded Asif’s arrest on Monday, and he was presented in the Chief Judicial Magistrate Court in Sulthan Bathery, where he was remanded to 14 days of judicial custody.