The Nadakkavu police in Kozhikode, Kerala, have registered a case against five persons, including T. Siddique MLA’s wife Sharafunnisa, as part of continuing investigation into a suspected financial fraud operated by SIS Banc, a partnership firm under Nidhi mutual benefit financial company.
Waseem Thondikkadan, managing director of the firm, his wife Rahila Banu, Moideenkutty Thondikkad and Shamna are the other four suspects in the cheating case filed by some investors from the Malabar region. Sharafunnisa, who was reportedly one of the former branch managers of the firm, is the fourth accused in the case. Others have been holding key positions in the director board.
Police sources said the partnership firm located at Nadakkavu reportedly mobilised huge investments, mainly fixed deposits, promising high interest returns to the depositors. They said complaints alleging financial irregularities worth ₹20 crore had already surfaced.
