Kerala police have initiated a major crackdown, filing several First Information Reports (FIRs) against a now-closed investment company. This firm is accused of swindling countless investors out of substantial sums, allegedly tempting them with promises of exceptionally high interest rates.
Operating under the name Agri Tourism Multistate Co-operative Society Ltd (Atcos) from a rented office in Pathadipalam, Kochi, since 2022, the company recently vanished, leaving its landlord with unpaid rent. It appears this was a classic Ponzi scheme, with victims spanning across Kerala.
The list of individuals named in the FIRs includes the company’s chairman, Akhil Murali; vice-chairman, P.R. Muralidheeran; managing director, Ashiq Mani; directors K.V. Rajeshwary and K.S. Anju; and assistant general managers Manikantan and another individual also named Manikantan. Worryingly, all these accused individuals are currently at large.
Investigations suggest that Atcos deliberately misled its clients, making them believe the firm had official recognition from the Central government. Since March, the company has reportedly stopped all interest payments and failed to return matured investments. With the main office and its various branches suddenly shut down, desperate investors started contacting former employees for answers.
The victims come from diverse backgrounds, with many having invested anywhere from several lakhs to over a crore rupees. They were drawn in by the allure of interest rates that reportedly soared above 14.50%. One of the formal complaints came from a retired lieutenant colonel who had invested a hefty ₹1 crore, of which only ₹10 lakh has allegedly been returned.
The legal actions against the firm have been registered under significant sections of the Bharatiya Nyaya Sanhita, including Section 316 for criminal breach of trust, Section 318(4) for cheating with knowledge of wrongful loss, and Section 3(5) for criminal acts committed by multiple persons with a common intention. Additionally, Section 420 of the Indian Penal Code, which addresses dishonestly inducing delivery of property, has also been invoked.