Expatriates claim ₹10 crore loss in financial fraud by Pravasi Group of Companies

THRISSUR: Expatriates with complaint that they lost ten crore rupees in financial fraud. The complaint is that the fraudsters cheated by accepting deposits from expats by promising twelve percent interest. The scam took place in the name of Pravasi Group of Companies.

Ten crore rupees was extorted from hundreds of people. There are people who have lost between Rs 1 lakh and Rs 35 lakh. Expats who have been defrauded say that they have had no principal and no interest since last February. Investors also accuse the police of protecting the company owners despite filing complaints.

The complainants say that they invested their earnings from working abroad, initially got interest and then got no information. Those who were cheated said that they trusted the company after seeing schemes including pension for widows. Some of them invested money in 2018-2019. They also stated that the money was taken from them when the company did not have a license.

The police clarified that cyber frauds are also widespread in Thrissur district. This year, from January to July in city-rural police limits, around Rs 32 crore was lost through cyber fraud. Out of 314 registered cases, about Rs.27 crores were lost. 190 cases were registered in city limits and 124 cases in rural limits. 19 people were arrested in the rural area.

More than a thousand complaints have also been received in rural areas. Scams such as sharemarket scams and fraudulent practices by sending fake links are rampant. There are many people who lose money through the OTP fraud method of sharing the OTP. Meanwhile, there was an incident where a fake police officer stole 16.41 lakhs. 2.17 crore was lost to one person alone. Reports state that the recovered amount is only 9.50 lakhs.