Businessman and president of Thiruvambadi Devaswom Sundar C. Menon was arrested by District Crime Branch team in an investment fraud on August 4,2024.
A Padma Shri awardee, Menon has allegedly duped investors of ₹7.78 crore through two financial firms – Heewan Nidhi and Heewan Finance, according to a press release released by Thrissur city police.
There were 18 cases registered in the Thrissur West Police station by 62 investors against Menon. The directors of Heewan Nidhi and Heewan Finance were allegedly cheating investors by receiving deposits against Reserve Bank of India (RBI) guidelines. The complainants alleged that they were denied their deposits even after the maturity date.
The cases, which were investigated by the Thrissur West police, were later handed over to the Crime Branch. Menon has been remanded and sent to district jail.
The properties of Menon and other directors of the companies have been frozen under the BUDS (Banning of Unregulated Deposit Schemes) Act. Another director Biju Manikandan was arrested earlier.
Published - August 04, 2024 08:27 pm IST
