New Delhi, May 8 (IANS) The Enforcement Directorate (ED) said on Monday that it has taken the custody of Venugopal S., proprietor of Kechery Enterprises, from the custody of Kerala Police for allegedly collecting illegal deposits from the public to the tune of Rs 240 crore and subsequently cheating them by not repaying their money.
The investigation conducted by ED till date has revealed that the accused person, while accepting the deposits from general public, assured high returns ranging from 15 per cent to 18 per cent per annum and further assured them that Kechery Enterprises had the recognition of RBI and that the investments were secured. He also told the depositors that they could withdraw the investments at any point of time and that his business entity has got all the necessary approvals from the state and Central governments.
Eventually, more than 1,000 persons were cheated in the scam in and around the southern districts of Kerala, while over 500 FIRs were requested against the accused.
A PMLA court has now granted the custody of the accused to ED for a period of four days.
“Further investigation is in progress to trace the proceeds of crime and other beneficiaries who assisted Venugopal in the scam,” said an ED official.
–IANS
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