Kannur (Kerala): Another alleged financial fraud case has emerged in Kerala’s cooperative sector, with a traders-run cooperative society in Thalassery coming under investigation after multiple complaints were filed over non-payment of deposits. According to preliminary complaints, the society has allegedly failed to return more than ₹1 crore to investors. Investigating agencies suspect that the alleged misappropriation could run into several crores.
The case is linked to Thalassery Vyapari Vyavasayi Welfare Sahakarana Sangam Ltd, which operates under the Thalassery Vyapari Vyavasayi Ekopana Samithi. According to police, the society’s secretary, Jojish, allegedly collected deposits from people for several years by promising attractive interest rates and later went missing.
Based on complaints received by the police, at least three FIRs have been registered so far. The complainants have alleged that they deposited large amounts with the society but neither received their principal amount nor the promised interest.
One complainant, Jalaja, told police that she had deposited a total of ₹55.7 lakh in instalments between March 2022 and July 2026. She alleged that the society neither returned her deposited money nor paid the promised interest.
Another investor, Anukul, alleged that he deposited ₹37.95 lakh with the society between October 2024 and May 2026. He claimed that he was persuaded to invest on the assurance of high returns, but payments were later stopped.
Similarly, 40-year-old Jeshina P alleged that she deposited ₹17 lakh in two instalments this year. She claimed that she paid ₹2 lakh in January and ₹15 lakh in May, but the amount has not been returned.
According to the complainants, the society’s office has now been shut and the whereabouts of secretary Jojish are unknown. Police are searching for the accused and examining financial documents related to the case.
During the investigation, it was also found that some investors were provided bond documents against their deposits. However, office-bearers of the society have claimed that some of these documents may be fake and that several such deposits are not recorded in the official registers of the organisation.
Police suspect that the accused may have allegedly prepared duplicate bonds and receipts without the society’s knowledge and used the credibility of the traders’ organisation to collect money from investors.
Some investors have also alleged that the secretary took gold from them after promising higher returns. They claimed that he disappeared after collecting money and valuables.
Meanwhile, office-bearers of the society told police that several deposit bonds and receipts issued by the secretary did not carry the signatures of the society president. They said the actual extent of the alleged fraud would become clear only after the accused is traced and complete records of the society are examined.
According to police officials, cases have been registered under relevant sections of the Bharatiya Nyaya Sanhita, and separate investigating officers have been assigned for each FIR. Police are currently examining bank transactions, financial records, documents and other evidence while making efforts to trace the accused.
Experts from the Future Crime Research Foundation (FCRF) said that people should verify the legal status, audit reports, registration details and documentation of cooperative societies or private investment schemes before depositing money. Experts warned that promises of unusually high interest rates or guaranteed returns often indicate possible financial fraud.
The police investigation is currently underway. The total amount involved in the alleged scam and the role of other individuals will become clear only after completion of the probe.
