75 crores defrauded by promising exorbitant interest: Agri Tourism Multi State Co-operative Society owner and associates on the run

KALAMASSERY: Agri Tourism Multi State Co-operative Society swindled Rs 75 crore by promising exorbitant interest. The owner and associates have fled after closing down the establishment. It is reported that the chairman and directors squandered the money received from the investors by building luxurious houses and other amenities.

More than a thousand investors from various districts of Kerala are victims. The firm was headquartered in Kalamassery, Pathadipalam, since 2022. Nine cases were registered at the Kalamassery police station alone. The case has been filed against Chairman Akhil Murali, Managing Director Ashiq Murali, Vice Chairman/CEO PR Muraleedharan, and Directors Ezhumalai, Balagovindan VV, Gopalakrishnan CV, Anju KS, Rajeshwari KV, and G Gnanavadivel. Akhil and Ashiq are the sons of PR Muraleedharan. Anju and Rajeshwari are their family members.

The owner of the building where the company was operating came and closed it after the rent was due. This is how the fraud came to light. Then the investors went to the houses of the employees of the company and started creating a ruckus. The employees called the investors to the office in Kalamassery yesterday. The police also arrived and held discussions with the investors, but to no avail.

The institution deceived investors by making them believe that it was approved by the central government. Interest and matured deposits have not been paid since March. All branches were subsequently closed. Many have lost money that they had saved for their children's marriages and house construction. Rs. 90 lakh and interest were lost, according to the complaint of Lt. Col. AM Sajeer, a native of Elamkulam. Ramadevi, a native of Edappally, lost Rs. 37 lakh.