Cops re-register cases in Kerala Housing Finance Ltd multi-crore scam – The New Indian Express

Express press service

KOCHI: While other cases have come to light in the sensational Kerala Housing Finance Ltd (KHFL) scam, in which investors were defrauded of huge sums of money after being promised high interest, the police re-registered the FIRs. Three cases have been registered at Ernakulam Central Police Station in recent days on the recommendation of the Criminal Section.

“The criminal branch has asked the local police to investigate the cases related to KHFL. As the number of cases investigated by the criminal branch increased, it was decided to transfer the cases to the respective police stations. In accordance with the directive, we have re-registered the FIRs of cases in which complaints were filed at Ernakulam Central Police Station. We will investigate these cases further,” said Central SHO Vijay Shankar S.

Officers said three FIRs against KHFL have been re-registered. In one of the cases, a person named Joy M Varghese from Vyttila was duped by the company after receiving `10 lakh from it in 2014. The money was collected in three bonds after promising high interest. However, no money has been paid as interest since 2017. When Joy M Varghese demanded that her deposit be returned to her, KHFL refused. Another case concerns the deceit of Kozhikode native Premarajan Chandappan who had deposited `2 lakh in 2015.

Likewise, CA Sasidharan from Padivattom who deposited `5 lakh was cheated by the company. There are about 50 registered cases against KHFL in the state. “In the majority of cases, the victims were government pensioners. Pensioners were wooed with the promise of 14% interest. Retirees have deposited their retirement benefits with the company. Initially, KHFL paid interest on the deposit on a monthly basis. But no interest payments were paid after 2017,” an officer said.

Kochi City Police had arrested KHFL Managing Director G Unnikrishnan Nair for collecting deposits from the public after promising high interest. The company was named KHFL to give the impression that it was a government-owned housing finance company. KHFL, which started operations in 1992, had 29 branches in Kerala and Tamil Nadu till 2018.

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