The prime accused in a large-scale fraud case involving an alleged interest free gold loan scheme has been arrested from Kochi, by the Dharmadam police. The accused, Ismail P.P. (42), a native of Edakkad, was taken into custody. Earlier, on being indicted in the case he had gone into hiding.
Police said the fraud was carried out under the cover of a jewellery establishment, City Almas Gold and Diamond, functioning at Harbour City building near Thalassery General Hospital. The complainant, a woman from Dharmadam, was allegedly cheated by the accused and his associates after being promised interest-free gold loan for one year.
According to the complaint, the accused convinced her to pledge 62.300 grams of gold ornaments in exchange for a loan of ₹2.50 lakh. They further collected ₹1.25 lakh, assuring that the pledged gold would be returned at the end of the loan period, either the same ornaments or a new model of equivalent weight. However, neither the gold nor the money was returned, prompting the victim to approach the police.
Earlier, four others were arrested in connection with the case: Prakash E (66), of Pinarayi, Mohammed Shibil C (39), of Vadakkumbad, and agent Abdul Salim(54) of Vadakkumbad, and Afsal (47) of Edakkad.
Police said the accused are involved in around 35 cases registered in various police stations with the total fraud amount estimated at nearly ₹3 crore.
The arrest was carried out under the direction of Thalassery ASP Dr Nandagopan. Further investigation is underway.
Published – February 25, 2026 05:35 pm IST
