Kochi: The police have concluded that Ananthu Krishnan’s fraud, which involved offering electric scooters, sewing machines, and laptops at half price, amounts to crores of rupees. In connection with the case, the accused, Ananthu Krishnan, has been remanded to police custody. The Muvattupuzha First Class Additional Magistrate Court has granted five days of custody.
Ananthu stated that the truth would come out and that the investigation should proceed. Meanwhile, reports indicate that the fraud involved multiple methods of collection. A membership fee of ₹320 was charged per person for seed societies. Additionally, a lawyer’s fee of ₹500 was collected from each person to certify the terms of the scooter scheme. From the collected amount, ₹100 per person was given to field promoters. All contracts were prepared in Ananthu Krishnan’s name, and the legal arrangements were also made through his firm, according to the investigation team.
The initial assessment suggests that Ananthu conducted financial transactions worth ₹450 crore through 19 bank accounts. He used ₹2 crore to purchase land, registering properties in his sister’s and her husband’s names. There are also suspicions that the money obtained through fraud was transferred abroad. The police received information that Ananthu Krishnan attempted to flee the country after the case was filed. The Enforcement Directorate (ED) has conducted a preliminary inquiry into the fraud. In Idukki alone, around 1,000 complaints have been registered. A total of 21 cases have been filed, and several complaints, including one signed by 103 people, have been received in Mananthavady, Wayanad.
