Kochi | The CBI has taken over the investigation into an alleged Rs 65-crore investment scam involving Viswadeepthi Multi State Agri Co-operative Society Ltd following a direction from the Kerala High Court, officials said on Friday.
The CBI's Anti-Corruption Unit in Kochi registered an FIR on September 29 under various provisions of the Banning of Unregulated Deposit Schemes (BUDS) Act and the Bharatiya Nyaya Sanhita (BNS) for alleged criminal conspiracy and cheating.
The FIR was filed before the Special Court for BUDS Act cases in Kochi.
According to CBI officials, the case names 12 accused, including the society and 11 of its board members and promoters.
The FIR alleged that the society, headquartered in Coimbatore, Tamil Nadu, and operating branches in Keralam, induced members of the public to deposit their savings by offering interest rates ranging from 12 to 14.5 per cent.
However, the society and its promoters and directors allegedly failed to repay the deposits, including the principal amounts, causing financial losses to depositors. The total amount involved in the alleged fraud is estimated at around Rs 65 crore, the FIR said.
The alleged deposits were collected between April 2023 and November 2024, officials said.
A total of 335 criminal cases had been registered at various police stations in connection with the allegations and were subsequently transferred to the State Crime Branch and Economic Offences Wing (EOW) for investigation, officials said.
Of these, 110 cases were registered in Thrissur district.
The remaining cases were registered in Malappuram, Kozhikode and Wayanad districts, officials said.
Depositors had approached the Kerala High Court seeking a CBI investigation into the allegations.
Considering the large number of cases and depositors, the substantial amount involved and the alleged interstate nature of the financial activities, the High Court ordered the transfer of the cases under investigation by the State Crime Branch and EOW to the CBI.
CBI officials said they have begun receiving investigation files from state agencies and will conduct a detailed probe.
The accused would also be summoned for interrogation soon, officials added.
