Thrissur City: The Thrissur City Police nabbed a gang that cheated in crores of rupees.
KR Rajesh (46) aka Vadakanchari Malaka Kandarat Rajesh Malaka, the head of the gang and the director of the organization, who accepted investments from many people by promising to pay double the amount as dividends by promising to invest money in currency trading, crypto currency investment etc. Shijo Paul (45) of Pallissery house in Thrissur Aranattukara Desam Shijo Paul (45) the promoter of the organization, and his gang were caught from their hideout in Coimbatore.
The firms were operating under the names Toll deal Ventures LLP and Future trade link. Now they have been arrested on the complaint of a native of Pazu for losing Rs.55, 000 by investing in the institution and for extorting Rs.1, 11, 000 from a native of Kallur several times in 2021. It is also suspected that he has cheated crores of rupees by luring thousands of people into various schemes in a similar manner. For this purpose, it has been learned that he has created various types of websites, mobile applications and e-mail addresses. They used to organize meetings in big hotels to find new investors. A case has also been registered against them in Thrissur Townwest Police Station in another complaint. Many investors from inside and outside Kerala are contacting the police after knowing about his arrest.
The case has been registered against five persons along with other promoters of the institution namely Malappuram Kalikav Palakkathodi Muhammad Fazal, Thrissur Peringotukkara desath Kunnattu Patikkal KR Prasad and Erumapetty Shankerikal Lijo. Inspector Mr. P Lalkumar said that the other accused will be arrested soon.
Rajesh Malaka’s and his accomplice’s luxurious hideout in Coimbatore was secretly monitored by the police. The police overcame his gun-wielding bodyguard and arrested him.
Investigative team members comprised of East Police Station Inspector Mr. P. Lalkumar, West Inspector Mr. T.P. Farshad Sub Inspector Mr. A. R. Nikhil, Civil Police officers Mr. P. Harish Kumar, Mr. V.V. Deepak and Special Action Group civil police officers Mr. Pradeep and Mr. Sunip.
The Thrissur City Police had issued a warning through its Facebook page in a situation where money chain investment scams continue to be widespread.
People should not be fooled by scams in the name of multi-level marketing promising attractive income.
Known as multilevel marketing, chain marketing, and pyramid structure, these companies promise easy and fast money to those who join their schemes.
The income for those joining such schemes is mainly when more members sign up under them. Each will be responsible for adding more members under them. Just as there is more income when new people join under them, it is also possible that there is less income when people don’t join.
Under the Price Chit & Prohibition of Money Circulation Act, 1978, it is a punishable offense for multilevel marketing firms to accept money from individuals or institutions.
Realize that after working all your life, you risk losing your hard-earned money forever when you invest it in multilevel marketing schemes lured by alluring promises. So it is advisable for the general public to keep themselves away from such fraudsters.
If you notice such crimes, immediately file a complaint at the nearest police station.
