The Kalamassery police in Kerala have registered multiple FIRs against a now-defunct investment firm for allegedly defrauding investors of crores of rupees by luring them with promises of high interest rates.
The firm, Agri Tourism Multistate Co-operative Society Ltd (Atcos), operated from a rented building at Pathadipalam in Kochi since 2022, which was vacated by the landlord due to non-payment of rent. Reportedly, investors from across Kerala have fallen victim to the alleged Ponzi scheme.
Among those named in the FIRs are company chairman Akhil Murali, vice-chairman P.R. Muralidheeran, managing director Ashiq Mani, directors K.V. Rajeshwary, and K.S. Anju, Manikantan, and Manikantan, assistant general manager. All the accused are absconding.
It is alleged that the firm misled investors into believing it was recognised by the Central government. Since March, it has reportedly failed to disburse interest payments and matured investments. Following the closure of the firm and its branches, investors began approaching the staff.
The victims include individuals from various walks of life, many of whom invested amounts ranging from several lakhs to over a crore each, lured by interest rates exceeding 14.50%. One of the FIRs was filed based on the complaint of a retired lieutenant colonel who invested ₹1 crore, of which reportedly only ₹10 lakh has been repaid.
The cases have been registered under relevant provisions of the Bharatiya Nyaya Sanhita Section 316 (criminal breach of trust), Section 318(4) (cheating with knowledge of wrongful loss), Section 3(5) (criminal act committed by several persons in furtherance of common intention), as well as Section 420 of the Indian Penal Code (dishonestly inducing delivery of property).
Published – September 23, 2025 01:53 pm IST
