KOCHI: A major investment fraud conducted under the guise of a Multi-State Cooperative Society has come to light in Kerala. Allegations have surfaced against Sonia Sebastian, the operator of the Navbharat Agro Multistate Cooperative Society (NBCS), for defrauding investors of ₹50 lakh. Despite the High Court dismissing her anticipatory bail plea, the police’s failure to arrest the accused has sparked a major controversy.
The case originated from a complaint filed by Umesh Kumar, a prominent Chartered Accountant based in Kochi. According to the complaint, Sonia Sebastian convinced him to invest ₹50 lakh into the society. While the amount was transferred directly to her bank account, it was never deposited into the society’s funds. Investigative reports suggest the accused misappropriated the entire amount for personal gain.
The Kerala High Court, while rejecting Sonia’s anticipatory bail application, observed that custodial interrogation is essential for a proper investigation. The court noted that granting bail could allow the accused to influence witnesses and potentially engage in further criminal activities. Prior to this, the Ernakulam Sessions Court had also dismissed her bail plea.
Sonia Sebastian is reportedly a repeat offender, with another long-standing cheating case (CC 307/2003) pending against her in the Attingal Court since 2003.
Shockingly, despite being an accused in multiple financial fraud cases and having no legal protection from arrest, she has reportedly opened a new branch of the ‘Navbharat Agro Multistate Cooperative Society’ in Kothamangalam to collect fresh deposits.
Sources indicate that the society is authorized to operate only in Maharashtra, Andhra Pradesh, and Karnataka. Its operations in Kerala are allegedly illegal and conducted without the necessary licenses. The accused reportedly lures entrepreneurs by promising loans of up to ₹2 crore, provided they first deposit ₹50 lakh as a “security” or investment.There are strong allegations from the victims that high-ranking police officials in Kochi are shielding Sonia Sebastian from arrest. Along with Sonia, other individuals named in the case include Nithin, Gireesh, Alan, and Alex. Investors are now questioning whether the law enforcement agency is succumbing to the influence of the accused.
As the investigation continues, authorities have urged the public to remain vigilant. Investors and those conducting large banking transactions are advised to verify the credentials of financial institutions thoroughly to avoid falling into such traps.
