Kochi: Police on Tuesday conducted raids on a Kochi-based chit fund firm and arrested its proprietor and manager on charges of swindling money. The accused were identified as K. K. Navas (35), proprietor of Thrikkakara-headquartered Karivelimattom Chits Private Limited, and Salam Pareekutty, company manager. They were taken into custody on a complaint of Suneer, a resident of Edapally, that it failed to repay Rs 26 lakh due to him.
“According to the complainant, the accused approached him with an offer to make him a business partner and share a percentage of the company’s profit in proportion to his investment. Following this, he pledged his two-and-half cent property along with a house and invested Rs 26 lakh,” circle inspector S. Jayakrishnan said.
When he failed to get any profit share, he approached the company seeking to withdraw his investment without any success. Following this, he lodged a complaint with the Kalamassery Police. Raids were held at several of the 25 branches of the firm besides five collection centres spread across the districts of Ernakulam, Kottayam, Alappuzha and Idukki. Other investors began to assemble before the headquarters once the news came out.
