On Sunday, Museum police arrested two key accused in the financial fraud involving Southern Green Farming and Marketing Multi-State Co-operative Society Ltd. The arrested individuals are Thrissur natives Rajesh Chandran Pillai, 47, chairman of the society, and Akhil Francis, 42, managing director. They were apprehended from an apartment in Ernakulam, where they were reportedly hiding.
Police said the accused lured depositors by offering an attractive 12.5% interest rate. However, depositors never received any returns, and their requests for deposits’ refunds were denied. The defrauded funds were allegedly diverted into the accused’s media and real estate businesses.
The accused were produced before the court and remanded on charges under IPC Sections 406 (criminal breach of trust) and 420 (cheating). Investigations continue, with police actively searching for other accused board members—Dhanya, Shiny, Princy Francis, and Mahavishnu.
The society operated an office at Sasthamangalam and recruited agents to attract investors. They even hired celebrities as brand ambassadors to promote their scheme, which helped them trap more victims.
“The arrested will be taken into custody for detailed investigations and evidence gathering,” police stated.
