KOCHI: The Central Bureau of Investigation (CBI) has taken over the probe into the multi-crore Masters Finserv investment scam.
The investigation was handed over to the CBI from the Crime Branch’s Economic Offences Wing (EOW) following the directions of the Kerala High Court.
The CBI registered an FIR on April 20, taking over the probe in 53 cases earlier filed at various police stations across Kochi, Ernakulam Rural, Pathanamthitta, and Palakkad.
The main accused is Abin Varghese of Thrikkakara and his wife Srirenjini. The case has been registered under multiple sections of the IPC and the Banning of Unregulated Deposit Schemes (BUDS) Act.
According to CBI officials, 41 cases were registered at police stations including Thrikkakara, Palluruthy, Ernakulam South, Maradu, Panangad, Kalamassery, Palarivattom, Ernakulam Central, Ernakulam North, Kadavanthra, Elamakkara, and Infopark.
Nine cases fall under the jurisdiction of Ernakulam Rural Police, two at Palakkad, and one at Thiruvalla.
CBI officials stated that the agency took over the case due to the large-scale financial losses suffered by investors. Ebin, who previously worked at various share trading firms, established Masters Finserv in Kochi in 2014.
He attracted investments from high-profile individuals by promising 24 per cent annual returns, capital guarantees, and the option to reclaim the capital on demand.
Initially, the company delivered on its promises, but payments began drying up by 2020. Many investors reportedly lost between Rs 50 lakh and Rs 7 crore each.
Police arrested Ebin multiple times in 2023 following a slew of complaints. Separately, the Enforcement Directorate (ED) registered a case against Masters Finserv and Ebin under the Prevention of Money Laundering Act (PMLA) last year.
The ED’s investigation found that Ebin allegedly cheated investors of Rs 73.9 crore. Subsequently, the ED attached properties worth Rs 30.41 crore, identifying them as proceeds of crime, and filed a chargesheet before the PMLA Court in Kochi.