THRISSUR: The victims of the Kolalambu NRI fraud will submit a petition to Prime Minister Narendra Modi during his two-day visit to Kerala demanding the transfer of the probe to either the CBI or the NIA.
The City Dew Real Estate Company formed in 2004 in the UAE with Arabs and businessmen from Kolalambu of Malappuram had allegedly swindled nearly Rs 2,400 crore from over 100 investors by promising attractive returns.
The victims and the investigating officers told DC that though six persons were arrested in Kerala over the scam that broke out in 2008 , all of them had come out on bail and were doing business in different parts of the country. Some of them were even flying to the UAE frequently.
“As several properties of the scamsters are in the UAE, we are trying to get the details through Interpol. We are in touch with the Union External and Home Ministries to hand over the details to Interpol in the UAE,” DySP P.B. Prasob of Economic Offence Wing of the Crime Branch told DC.
Sources said that the CBI should take over the case from the CB going by the size of the scam and because the siphoned money was used by the scamsters to buy properties all across India.
“Though the Protection of Interest of Investors Act 2013 was passed by the Kerala Assembly, the rules to enforce the sections in the Act are yet to come in place. Even by putting in place the rules, the properties of the scamsters in India can be seized,” Mr Prasob said.
Abdul Rasak of Kolalambu, who claims to have lost Rs 100 crore, said that the money from the scam reached India through hawala channels. He has mentioned in his plaint to the PM about the need for a probe either by the CBI or the NIA.
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