The State Crime Branch is set to take over the probe into an alleged investment fraud running into crores of rupees, ₹8.50 crore at last count, which was reported in Koothattukulam last month.
The Koothattukulam police have arrested a father-son duo in connection the alleged fraud. The arrested are N.A. Issak and his son N.I. Abraham, who own a private financial firm. They are in judicial custody now.
“We have so far received 51 petitions based on which 11 first information reports have been filed. The accused collectively duped investors to the tune of ₹8.50 crore. They had been collecting money from investors for years by promising high interest rate in the rage of 12% to 14%,” said sources in the Koothattukulam police.
