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Rs 1000 cr money chain fraud surfaces in Kerala


Dakshina Muraleedharan,CNN-IBN
Jun 21, 2011 at 10:31am IST

Thiruvananthapuram: In a Rs 1000 crore money chain fraud in Kerala, the police have registered cases against two accused companies - Tycoon Empire International and Bizarre Global Business Group - and have got complaints about several others. They were mainly operating in North Kerala, Calicut, Wayanad, Kochi and some parts of Tamil Nadu.

Already some of the accused have been arrested by the crime branch.

"We are probing the matter further and trying to plug all loopholes to prevent the operations of all money chain schemes in Kerala, so that people do not get cheated at all," said DGP Jacob Punnoose.

But the police have been embarrassed too - after the alleged involvement of fellow police officers in organising fraud money chain companies.

Investigating officers have intensified their search for KT Gopinathan, a sub-inspector with the Thrissur Armed Reserve Force and the CEO of the Bizarre Global Network Marketing Group who had allegedly siphoned money off from many investors in Thrissur district by offering shares in supermarket chains.

"We are very much concerned and will see to it that police officers do not get into these things. We are strengthening our internal vigilance mechanisms. Many of the police personnel involved are on leave, some of them doing it in their family members' names. No more warnings, we are going to take positive action against them," said Jacob Punnoose.

It's not just a multi city or a multi state scam - internet based money chain firms, some of which even registered abroad like in Malaysia and Gulf countries, are also under the scanner.

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