More expats fall victim to trading scam, extorted Rs 250 crores; efforts taken to bring back absconders to Kerala

THRISSUR: More information have surfaced in the case of a huge investment fraud of Rs 250 crore under the guise of share trading in Irinjalakuda. Police said majority of the victims are expatriates. The expatriates became part of the firm Billion Bees with the aim of safely investing the money they earn while working abroad aiming more profits. The idea behind the firm was trading with the help of artificial intelligence (AI).

The accused attracted investors by introducing new ideas. The police have registered a case against the firm's operators Bibin K Babu, wife Jaitha Vijayan, brother Subin K Babu and Libin on the complaint of 32 people. The police have started efforts to bring the accused absconded from the state, back to Kerala.

The scam was based on the promise of a profit of Rs 6 lakh per year if invested Rs 10 lakh. Four cases have been registered against the accused so far. The complaint of Bindu of Engandiyur, who lost Rs 1.95 crore, has been forwarded to the crime branch. The police also informed that about one hundred and fifty people who were cheated have come forward.

The owners of Billion Bees had made an agreement with the complainants that if they demanded their money back, they would pay it within two to three days and that a portion of the profit would be paid every month. They had assured that they would pay the investors every month whether the company was in a profit or loss.

As proof of this, a check signed by Bibin, Jaitha, Subin and Libin was given to the investors. However, when the profit stopped after a few months, the complaint said the company owners threatened the investors when they asked to return their money back and that they later fled to Dubai.