Investment fraud: Congress suspends CS Sreenivasan

THRISSUR: CS Sreenivasan, a Congress leader and former councillor of Thrissur Corporation, who was arrested in an investment fraud case at a financial institution, has been suspended from the party's primary membership by KPCC President K Sudhakaran. The KPCC president took the action as the serious financial allegations and subsequent arrest had caused great discredit to the party in the public eye, General Secretary TU Radhakrishnan said on Friday.

CS Sreenivasan, who was arrested the other day, has been remanded for 14 days. Padma Shri winner T.A. Sundar Menon was also arrested in the same case on August 4. Four more people are yet to be arrested in connection with the case.

Sreenivasan was the managing director of Thrissur Heewan Nidhi Limited and Heewan Finance, both of which were chaired by TA Sundar Menon. TA Sundar Menon was arrested in 18 cases related to defrauding 62 investors of over Rs 7.78 crore.