Kerala businessman arrested in multi-crore funding rip-off

By Express News Service

KASARGOD: The Bedakam police on Monday arrested Global Business Group (GBG) Nidhi Ltd chairman D Vinod Kumar and a director board member of the group, P Gangadharan Nair, in reference to the multi-crore funding rip-off. The financial savings agency allegedly duped individuals of a number of crores after promising them that their deposits would virtually be doubled in 10 months.

As of now, the Bedakam police have registered 18 instances towards GBG’s six administrators, together with Kasaragod native Vinod Kumar, based mostly on the complaints. The police mentioned Vinod Kumar, the prime accused, was arrested from a lodge in Kasaragod based mostly on a tip-off acquired by the particular department about his hideout. Gangadharan Nair was nabbed as he was ready on the Kasaragod Press Club to conduct a press convention, organized by Vinod Kumar, to elucidate the corporate’s model.

According to the police, the corporate — launched in 2020  — had promised 80% revenue to buyers in 10 months. Initially, the depositors have been paid the promised quantity, and extra got here ahead to hitch the scheme. Those who invested `1lakh got `2,000 per week, which added as much as Rs 80,000 after 10 months. Until October 2022, the buyers have been getting the dividend with out fail. However, issues went bitter after that and lots of buyers felt cheated as they weren’t getting their a reimbursement.

It was on January 12 that 17 depositors lodged complaints towards Vinod Kumar, accusing him of defaulting on repaying their cash. According to the particular department, aside from the individuals in Kasaragod, many from Kannur, Wayanad and Kozhikode districts have allegedly fallen prey to the fraud.

The district particular department has been intently monitoring GBG’s operations through the previous 12 months because the police had reportedly acquired info relating to the corporate’s doubtful offers. Though the key investigation revealed the alleged fraudulent practices of the corporate, the police couldn’t register case as no investor had filed a grievance towards the agency.

According to the police, Vinod Kumar has invested the depositors’ funds in cryptocurrency — underneath the title Metamask Blockchain Wallet. After the buyers filed complaints, Vinod Kumar went into hiding, and likewise filed an anticipatory bail petition in High Court. The court docket is but to contemplate the petition. The Bedakam police have written to the district police chief to switch the case to the crime department. The police have frozen 18 financial institution accounts of the administrators and GBG firm.

KASARGOD: The Bedakam police on Monday arrested Global Business Group (GBG) Nidhi Ltd chairman D Vinod Kumar and a director board member of the group, P Gangadharan Nair, in reference to the multi-crore funding rip-off. The financial savings agency allegedly duped individuals of a number of crores after promising them that their deposits would virtually be doubled in 10 months.

As of now, the Bedakam police have registered 18 instances towards GBG’s six administrators, together with Kasaragod native Vinod Kumar, based mostly on the complaints. The police mentioned Vinod Kumar, the prime accused, was arrested from a lodge in Kasaragod based mostly on a tip-off acquired by the particular department about his hideout. Gangadharan Nair was nabbed as he was ready on the Kasaragod Press Club to conduct a press convention, organized by Vinod Kumar, to elucidate the corporate’s model.

According to the police, the corporate — launched in 2020  — had promised 80% revenue to buyers in 10 months. Initially, the depositors have been paid the promised quantity, and extra got here ahead to hitch the scheme. Those who invested `1lakh got `2,000 per week, which added as much as Rs 80,000 after 10 months. Until October 2022, the buyers have been getting the dividend with out fail. However, issues went bitter after that and lots of buyers felt cheated as they weren’t getting their a reimbursement.

It was on January 12 that 17 depositors lodged complaints towards Vinod Kumar, accusing him of defaulting on repaying their cash. According to the particular department, aside from the individuals in Kasaragod, many from Kannur, Wayanad and Kozhikode districts have allegedly fallen prey to the fraud.

The district particular department has been intently monitoring GBG’s operations through the previous 12 months because the police had reportedly acquired info relating to the corporate’s doubtful offers. Though the key investigation revealed the alleged fraudulent practices of the corporate, the police couldn’t register case as no investor had filed a grievance towards the agency.

According to the police, Vinod Kumar has invested the depositors’ funds in cryptocurrency — underneath the title Metamask Blockchain Wallet. After the buyers filed complaints, Vinod Kumar went into hiding, and likewise filed an anticipatory bail petition in High Court. The court docket is but to contemplate the petition. The Bedakam police have written to the district police chief to switch the case to the crime department. The police have frozen 18 financial institution accounts of the administrators and GBG firm.