Investment fraud of Rs 82 crore in Vadakara

Vadakara: An investigation team has found that owners of Tycoons Empire International Company, Chennai, running an investment scheme, are absconding with more than Rs 82 crore. The company's office in Adayar Chennai and its shopping malls are closed. It is also learnt that Rs 76 crore have been withdrawn from the account. The name and address given to the banks were found to be fake. All these information have come out in an investigation conducted by the Vadakara crime detachment DySP P Sadanandan and his team in Chennai on the basis of a case registered by the Payyoli police. The bank accounts of the company at the National Bank in Adayar, South Indian Bank, HSBC were under the names of Tycoons Empire, MLM India Ltd, Tycoons Mall, Tycoons Portfolios etc. The investigation team has found that the account has been credited with Rs 16 crore from PNB branches in Kozhikode, Kannur, Palakkad and Thrissur, Rs 54 crore at the South Indian bank and Rs 12 crore at the HSBC from these districts. Out of this, Rs 6 crore was given back to consumers in the form of commission. Only Rs 15 lakh is left is the account and the remaining money has been withdrawn by the owners.

At first the accounts were opened in the name of Kamalkannan and Sadasivam. Later it was found that the address given by them to the bank were fake. The police also recovered the photos provided by them to the bank.






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