Padma Shri awardee arrested in financial fraud case in Kerala

Thrissur: Prominent businessman and Padma Shri winner T.A. Sundar Menon was arrested on Sunday in a financial fraud case.

Menon was taken into custody by Kerala Police's crime branch on Sunday morning following a complaint filed by 18 people alleging that the businessman's firm had failed to return their deposits.

According to the complaint, Menon's firm defrauded Rs 30 crores by promising to return double the amount after a period of five years. Menon is the Chairman of Heaven's Finance.

Depositors say that lakhs of rupees were invested in Heaven's Finance and Heaven's Nidhi Company. However, the companies later refused to pay interest or principal to the investors. The complaint states that the firm even refused to return deposits to investors suffering from terminal illness.

Investors who did not receive their money filed a complaint with the police. Subsequent investigation revealed that the firm started its operations in Kerala while claiming to be based in Jammu. However, it later became clear that the firm does not have an office in Jammu. Four branches are mainly operating in Kerala. Menon is the Chairman of Heaven's Finance.

About 300 investors had filed complaints against the firm at various stages. A petition was filed in the High Court and the establishment closed months ago. The institution was also ordered to be confiscated under the Banning of Unregulated Deposit Schemes Act (BUDS Act). After this, on the complaint of 18 people, Sundar Menon was called to the City Commissioner's office and arrested.