Hostel chain proprietor arrested for fraud in Kochi

A team from the Kalamassery police station arrested Sayeed from Kasaragod while he was trying to flee from Kerala.
Image used for representation purposes only.
Image used for representation purposes only.(File Photo)
Updated on
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KOCHI: The police on Thursday arrested a Kasaragod native who allegedly duped several people by taking investments for operating hostels in Kochi. Udumbunthala resident Sayeed M K, 49, the proprietor of Sleep Easy hostel chain that operated over 50 ladies’ hostels in Kochi, is the arrested person.

The firm allegedly took investments ranging from `20 lakh to ` 1 crore from several persons after promising 50% share of the profits, besides offering them key posts in the company.

The profit share, supposed to be paid every month, never arrived. Instead, the investors were told that the profit had been deposited in a chit-fund scheme. When they failed to get any amount from the profit, the investors approached the company’s office in Edappally last December.

Later, when the police launched an investigation, Sayeed absconded. A team from the Kalamassery police station arrested Sayeed from Kasaragod while he was trying to flee from Kerala. There are cases registered against him in police stations in Kochi and other districts.

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