Multi-State Co-operative Society Chairman and Board Members Arrested for Alleged Fraud

Strategic Insights -

Police in Thiruvananthapuram have initiated an investigation into the Southern Green Farming and Marketing Multi-State Co-operative Society, booking its chairman and board members for allegedly defrauding several people by promising attractive interest rates. The accused individuals, who possessed a license to operate the society across the state, allegedly offered a 12.5% interest rate to lure depositors into the scam. A 71-year-old woman, who deposited Rs 24.5 lakh in her name and those of her family members, has come forward with a complaint, alleging that the accused delayed interest payments and eventually denied her the return of her principal amount. The police have intensified their search for the accused, who are currently on the run.

Key Takeaways:

  • The chairman and board members of Southern Green Farming and Marketing Multi-State Co-operative Society have been booked by the museum police under IPC sections 406 for criminal breach of trust and 420 for cheating.
  • The accused allegedly offered a 12.5% interest rate to lure people into the scam, but failed to return both the interest and the principal amount to depositors.
  • Three people have filed complaints against the accused so far, while more depositors are expected to come forward with complaints in the coming days, as the accused is believed to have cheated several people out of crores of rupees.
  • The accused had a licensed office at Sasthamangalam and recruited agents to lure people into the scam.
  • A 71-year-old woman, who deposited Rs 24.5 lakh, has come forward with a complaint, alleging that the accused delayed interest payments and eventually denied her the return of her principal amount.
  • The police have intensified their search for the accused, who are currently on the run.

Statistics:

  • Rs 24.5 lakh was deposited by a woman in her name and those of her family members from March 2023 to October 2024.
  • The accused allegedly offered a 12.5% interest rate.
  • Three people have filed complaints against the accused so far.
  • The police believe that the accused has cheated several people out of crores of rupees.

Sources:

  • "Police book chairman, board members of Southern Green Farming and Marketing Multi-State Co-operative Society for allegedly defrauding several people". Times of India.