The Central Bureau of Investigation (CBI) has taken over the probe into an alleged ₹65 crore deposit fraud involving a Kerala co-op.
Why Did the CBI Take Over the Investigation?
Kochi. The Central Bureau of Investigation has taken over the investigation into an alleged ₹65 crore deposit fraud involving Viswadeepthi Multi State Agri Co-operative Society Ltd following an order from the Kerala High Court.
The court directed the transfer of the investigation after depositors sought its intervention, citing the large number of complaints, the money involved and the suspected interstate nature of the transactions.
According to officials, the society allegedly collected money from members of the public by promising interest rates ranging from 12% to 14.5%. However, it subsequently failed to repay deposits, including the principal amounts. The CBI has begun registering the case and collecting investigation records from state agencies that were previously examining the allegations.
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Who Has Been Named in the FIR?
The CBI’s Anti-Corruption Unit in Kochi registered a First Information Report on September 29 under provisions of the Banning of Unregulated Deposit Schemes Act and the Bharatiya Nyaya Sanhita.
The allegations include criminal conspiracy and cheating. The FIR was filed before the Special Court handling cases under the Banning of Unregulated Deposit Schemes Act in Kochi. A total of 12 accused have been named in the case, including the co-operative society and 11 of its board members and promoters. According to the FIR, the society is headquartered in Coimbatore, Tamil Nadu, and operated branches in Kerala.
Investigators allege that the organisation collected deposits between April 2023 and November 2024. The total amount involved is estimated at approximately ₹65 crore.
How Many Complaints Were Registered?
Investigators allege that the organisation collected deposits between April 2023 and November 2024. The total amount involved is estimated at approximately ₹65 crore.
Officials said 335 criminal cases were registered at different police stations in connection with the alleged deposit fraud. Of these, 110 cases were registered in Thrissur district, while the remaining complaints originated from Malappuram, Kozhikode and Wayanad districts.
The cases were subsequently transferred to the State Crime Branch and the Economic Offences Wing for investigation. The number of complaints across multiple districts, combined with the society’s operations across state boundaries, formed part of the circumstances considered in transferring the investigation to the central agency.
What Will the CBI Investigate Next?
CBI officials said the agency has started receiving investigation files from the state authorities and will conduct a detailed examination of the allegations. The accused are also expected to be summoned for questioning as the investigation progresses.
The central agency will now examine the allegations concerning deposit collection, promised interest payments and the failure to return investors’ money. The investigation covers the alleged ₹65 crore fraud, the 12 accused named in the FIR and the 335 criminal cases registered across Kerala.
The allegations remain under investigation, and the responsibility of those named in the case has yet to be determined.
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