Sharjah/Kalpetta: A Thrissur native, wanted by Kerala Police in connection with a large-scale financial fraud in the state, has been found to be incarcerated in a UAE central jail for his involvement in another financial fraud case.

Shihab Sha, a resident of Venkitangu, Thrissur, is currently in Al Ain Central Jail in the UAE. He was earlier arrested by UAE police in connection with a financial fraud case.

Shihab is the owner of Kenza Holding and Kenza Wellness in Wayanad. The scam took place under the guise of businesses like Armani Clinic and Armani Poly Clinic in Dubai. He is accused of embezzling around Rs 400 crore from numerous people. The fraud was carried out under the cover of luxurious villas, resorts, and hospitals. Several expatriate Malayalis, as well as locals, were victims of the scam. 

He allegedly targeted people not only in Dubai but also in Sharjah, Ajman, Abu Dhabi, and other regions, as well as individuals in countries like Georgia. He was arrested in Sharjah on February 17 and later transferred to Abu Dhabi.  

The fraud involved accepting investments under the pretext of building villas in areas like Wayanad and Idukki. The scheme promised returns by showcasing construction projects, only to abandon those projects midway and offer new ones in the same locations, convincing investors to make additional investments. It is reported that nearly Rs 200 crore was scammed from the Malayali community in the UAE.

Fraud targeting expatriates in Wayanad

The Police had issued a lookout notice related to financial fraud in the state some time ago, but Shihab Sha had not returned to Kerala since then.

In 2015, Shihab Sha launched the "Royal Meadows" tourism project near the Banasura Sagar Dam, promising investors rental returns of Rs 25,000 per month from villas built near the dam. However, the promised tourism project never materialized. Investors were left with villas and three cents of land, and many of them faced losses. 

In 2019, Shihab resurfaced with another project, claiming to start an Ayurvedic hospital in the same area. He took further investments from people and constructed two buildings. However, the buildings violated the construction norms of Wayanad's Disaster Management Authority, and they were not even assigned building numbers. The local panchayat also revoked the occupancy certificates for these buildings. This project also eventually stalled, leaving investors in a difficult position.

The victims of these fraudulent projects have filed several civil cases in courts in Sultan Bathery and Kalpetta.