Thiruvananthapuram | The Kerala government has handed over to CBI the probe into alleged financial fraud worth hundreds of crores of rupees involving a Thrissur-based private financial firm.
Police in Cherpu in Thrissur district, who had been investigating the matter, have been directed to hand over to the CBI all cases related to the alleged money circulation scheme operated by High Rich Online Shoppe Pvt Ltd, official sources said.
They said the decision to recommend the CBI probe was taken due to the involvement of individuals from other states.
According to the order issued by the government, the State police chief had recommended a CBI probe into the alleged money circulation scheme operated by High Rich Online Shoppe Pvt Ltd.
The firm, which allegedly collected an initial payment of Rs 700 and above from individuals promising high returns, is said to have amassed an estimated Rs 750 crore through its operations.
According to the police, the scheme operates across India and boasts over 1.5 crore members.
Concerns were raised about the legality and transparency of the scheme, prompting the intervention of the police and other Central agencies, officials said.
The government said the decision to refer the case to the CBI stems from the complexity of the matter, as depositors, deposit takers, and properties involved are spread across multiple states.
Moreover, the substantial amount of money involved necessitates a thorough and comprehensive investigation, it said.
