KOCHI: The Kalamassery Police on Tuesday arrested a 56-year-old person for running a fake chit fund company and cheating investors of around `1.50 crore.
According to the police, Sainudeen Muppan of Eloor North had been running the chit fund company for several years. He collected money from more than 40 persons on monthly and daily basis. When investors approached Sainudeen, after he stopped collecting deposits in recent months, he promised to reopen the the company once the police stops the Operation Kubera. However, the investors filed complaint with the police when the accused failed to return their money. The investigation revealed that the accused was running the company without licence.