Kasaragod businessman taken into custody for multi-crore investment scam

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Vinod Kumar (Left)

Kasaragod: Vinod Kumar, the chairman of GBG Nidhi Limited and the prime accused in the multi-crore investment scam, was taken into custody on Monday.

For the past several days, around 20 investors filed complaints before the police, alleging they lost money by investing in BigPlus Fin Trading, a firm under GBG Nidhi Limited. The firm promised investors they could double their deposits in a year by investing in various schemes. However, the investors didn't receive the deposited amount or the interest after the end of the maturity period.

Following this, several complaints were filed against the company and Vinod Kumar. Based on this, Bedakam police filed several cases under the Banning of Unregulated Deposit Schemes Act, 2019 and charged him with cheating.

Vinod Kumar was taken into custody as he was about to attend a press conference in Kasaragod to respond to the cases filed against him. Meanwhile, one of the directors who arrived at the venue for the press conference was also taken into custody. Meanwhile, many complainants also visited the venue expecting to meet Vinod Kumar and other company directors.

Meanwhile, Vinod Kumar had filed an anticipatory bail in the high court. However, he was taken into custody before the court considered his plea.

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