THRISSUR: A man who started a banking firm and used it for investment fraud to siphon more than crores has finally landed behind the bars. Thrissur native Joy D Pananchery who tailored this master fraud has been arrested. The firm is said to be founded in 1946. The investment from the public was not returned back after which the firm was called default. Joy and his wife Rani was at large since last December. Many investors who lost their hard-earned money grouped together in front of Thrissur east police station to register the case. No clear details about the exact range of the fraud have emerged.

The culprits first reached the sessions court and then the High court for anticipatory bail and received a positive one from the high court which stayed the order for an arrest. Thrissur crime branch assistant commissioner KA Thomas submitted a detailed affidavit countering the anticipatory bail towards which the high court rescinded its decision and allowed the police to proceed with the arrest.

A total of 82 cases are filed against the firm. The money lost is estimated to be Rs 24 crores.