KALPETTA: Investigation of financial fraud cases of Sultan Bathery-based Dhanakodi Chits and Dhananidhi Chits has been handed over to the Crime Branch. State Police Chief Dr. Sheikh Darvesh Saheb ordered 42 cases registered in Wayanad district and 62 cases registered in Kannur to be handed over to Crime Branch. Crime branch ADGP has been directed to find an officer or an investigation team to investigate 104 cases in the two districts.

Dhanakodi Chits, which started operations in 2007 with headquarters in Sultan Bathery, and Dhanakodi Nidhi Limited, which started operations in 2018, had 22 branches across the state. The complaint is that the customers who joined the chit have suffered a loss of up to Rs 22 crore. 14 in Sultan Bathery, 5 in Kalpatta, 5 in Ambalavayal, 8 in Mananthavadi, 2 in Kenichira, 2 in Vellamunda, 1 in Tirunelli, 1 in Thalapuzha, 2 in Panamaram, 1 in Meppadi. 42 cases have been registered in Wayanad and 62 cases in Kannur. Apart from this, there are cases against them in Malappuram and Kozhikode districts.

Hundreds of people who deposited their money did not get their money back even after the expiry date. The incident came to light when the checks issued by the institution to the debtors were returned due to lack of funds in the bank. With this, the investors filed complaints at various police stations. The police had arrested the MD of the chit company in the past few days.