Kundamkuzhy Global Business Group Nidhi investment scam; Company chairman and agent arrested

KASARGOD: Police have arrested the chairman and the agent in connection with the online investment scam under the guise of Global Business Group Nidhi Limited in Kundamkuzhy. GBG chairman Vinod Kumar, a native of Kundamkuzhy, and director and agent Gangadharan Nair of Periya were arrested yesterday by the police team led by Bedakam SI M Gangadharan.

While Vinod Kumar was taken into custody from a lodge in Kasaragod, Gangadharan Nair was nabbed from Kasaragod Town. Vinod Kumar had announced that he would hold a press conference at the Kasaragod Press Club on Monday morning. However, he was taken into custody before that. The accused were brought to Bedakam police station and arrested. Four friends of Vinod Kumar were also taken into custody.

The accused have 11 institutions under the guise of GBG Nidhi. They also extorted money from Karnataka and Tamil Nadu. The police made the arrest on 17 out of the 18 cases registered against Vinod Kumar on the complaint of investment fraud. He had obtained a stay from the High Court in one case.

It is learnt that the accused had committed fraud by accepting around eight hundred crore rupees as investment from Kasaragod, Wayanad, Kannur, Kozhikode, Malappuram and Thrissur. GBG Nidhi Limited started its operations in Kundamkuzhy two years ago by offering Rs 80,000 as interest within ten months for those who deposit 1 lakh. Vinod Kumar, who had started an establishment called Gramina Super Market and swindled crores, is a person facing investigation by the crime branch. He started the financial transaction firm under a new name and swindled crores by violating the court order. He went on the run when the Bedakam police station received complaints regarding the GBG investment.