KOCHI: The crime branch economic offence wing (EOW), Ernakulam, has taken over 22 more cases related to the multi-crore Masters Finserv investment scam. The crime branch took over the probe in the cases registered at various police stations in Ernakulam district following a directive from the state police chief.
From the preliminary probe, it is estimated that the company collected over Rs 100 from the investors. The crime branch had taken over five cases related to Masters Finserv in January. With current takeovers, the agency has to investigate a total of 27 cases related to the Masters Finserv scam.
In most of the cases registered, Masters Finserv proprietor Ebin Varghese, his wife Sreerenjini and company manager Jacob Shijo are arraigned as accused. “There are more than 50 cases registered at various districts in the state as part of the scam. Ebin and his wife, who were arrested by the police, are currently in judicial custody,” said a crime branch officer.
Ebin who worked with various share trading firms started Masters Finserv based in Kochi in 2014. The company took investments promising 18-20% returns annually. Though the company paid the dividend initially, it stopped paying the returns by 2020.
The crime branch will probe Ebin’s transactions to know where the fund collected from investors was diverted. “Most complainants have lost money in the range of Rs 50 lakh-Rs 7 crores. Enforcement Directorate is conducting a probe into the company’s money laundering activities and is likely to register a case soon,” the officer said.