KOCHI: Kochi city police on Sunday arrested the owners of a private establishment that allegedly defrauded investors of over Rs 100 crore. The accused are Muraleedharan, Ashik Murali, and Akhil Murali, all residents of Thrissur and the directors of ATCOS, an establishment based in Kalamassery.
A source with city police said the company, registered under the Multi-State Cooperative Society Act, operated 13 branches across Kerala and one branch in Coimbatore, Tamil Nadu. The accused promised returns for investing in the agricultural tourism sector and collected investments from hundreds of people.
When investors did not receive their money back, they approached the company, but neither the money nor the promised profits were returned. Subsequently, 54 cases were registered against the institution across 32 police stations in the state, with 29 cases registered at the Kalamassery police station.
“The accused infiltrated WhatsApp groups created by the victims, allowing them to pre-emptively understand the cases against them, and secured court orders preventing arrest. After the court vacated the said order, the accused went into hiding,” an officer with Kalamassery police station said.