New Delhi | A major financial fraud has surfaced in Kerala’s Kannur district, where the secretary of a welfare cooperative society has been booked for allegedly cheating investors by collecting large deposits with promises of high returns. Police said complaints received so far indicate losses exceeding ₹1 crore in just three cases, while investigators suspect that many more investors may have been affected.
According to police, Jojish, secretary of the Merchant and Traders Welfare Cooperative Society in Thalassery, has been named as the prime accused. The society’s management committee has also been booked in connection with the alleged fraud.
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Investigators alleged that the accused persuaded investors to deposit substantial sums by offering attractive interest rates and later failed to return the money. Following complaints from depositors, police registered separate cases and launched an investigation into the society’s financial operations.
Among the complainants, Anukool of Muzhappilangad alleged that ₹37.95 lakh remains unpaid, K.C. Jalaja of Thiruvangad claimed losses of ₹55.70 lakh, and Jasheena, also from Muzhappilangad, reported that ₹17 lakh had not been returned. Collectively, these three complaints alone involve alleged losses of more than ₹1 crore.
Police said the alleged fraud came to light when several depositors visited the cooperative society’s office to withdraw their investments but were unable to recover their money. After approaching the management committee, they allegedly discovered that the secretary had accepted deposits independently, outside the society’s regular procedures.
Investigators are now examining the society’s financial records, bank transactions, and deposit accounts to determine how the funds were used and whether additional individuals were involved in the alleged scheme. Police also believe that the number of victims could be significantly higher than the complaints received so far.
The investigation is ongoing, and authorities are urging other investors who may have deposited money with the cooperative society and are facing difficulties in recovering their funds to come forward and file complaints. If further financial irregularities are uncovered, additional charges and accused persons may be added to the case.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
