Kochi: An ED raid was carried out at the Thrissur ‘Highrich Online Shoppe’ after its owners were found guilty of engaging in frauds amounting to Rs 1,630 crores and of evading taxes to the range of Rs 126 crores. Managing Director of the company Prathapan Dasan and his wife Sreeni, who is the CEO, fled in order to avoid arrest. The ED has asked for the assistance of police in locating them.

Multiple raids have been conducted in the case so far, including the ones at the Highrich head office, those at the two houses of the owners and the searches conducted at the Thrissur and Ernakulam branches of Highrich.

Several digital evidence pertaining to the frauds have reportedly been seized during the raids.  

Information related to the frauds were included in a report submitted to the Additional Sessions court by the Cherpu police who investigated the case. 

The police had found out that Highrich had collected Rs 10,000 each from 1.63 crore people. The HR OTT platform, which falls under the firm, is accused of projecting exaggerated subscription figures. 

The company is said to have engaged in money chain business in the cover of the sales of miscellaneous products. As per the statements issued, Highrich has 78 branches in Kerala and 680 shops across the country. They have several associate companies including those which are involved in crypto currency transactions. It is known that the company has accepted a lump sum of money as deposits, that too by promising huge interests in return.

Violation of FEMA regulations

The accused Prathapan and his wife, who apparently run crypto currency business in almost 90 countries, are likely to be slapped with charges of money laundering and violating FEMA rules.