Kerala iridium scam: DYSP, panchayat president among victims losing lakhs; claims of police-fraudster nexus emerge

Alappuzha: A major financial scam promising huge returns from iridium sales has defrauded police officers, public servants, and local residents across Kerala. Victims, tempted by promises of crores in profits, handed over large sums, only to discover the scheme was fraudulent.

The fraudsters claim copper and iridium devices have special powers, such as attracting rice or generating wealth. They also allege that NASA uses these metals, inflating their perceived value. Many victims invested heavily, hoping for massive returns, but ended up losing their savings.

A Deputy Superintendent of Police (DYSP) serving with the Central Reserve Police Force reportedly handed over Rs 25 lakh to the scammers. Despite repeated meetings and assurances of crores in returns, he has not received any money back.

A woman Sub-Inspector’s husband, a bank official, lost Rs 10 lakh. When confronted by the SI, the fraudsters promised tenfold repayment, which has yet to happen. Reports suggest police provided security at events organised by the scammers in Kumarakom, attended by individuals from Tamil Nadu. A senior officer reportedly received an iPhone from the fraudsters. 

Local leaders also fell prey. A panchayat president in Idukki and his wife, promised Rs 10 crore, handed over Rs 39 lakh. Ex-military personnel in Kottarakkara, Kottayam, and Kochi reportedly lost Rs 20 lakh each.

Alleged mastermind

Saji Ouseph, from Veeyapuram in Alappuzha, is identified as the kingpin coordinating collections from victims. Concerns have been raised that interventions by senior police officers may have allowed the scam to continue without timely action.

The fraudsters reportedly encourage victims to involve relatives and acquaintances, widening their network. Even a female relative of Saji Ouseph was tricked into the scheme.