In a major development, the Central Bureau of Investigation (CBI) has taken over the probe into the multi-crore Masters Finserv investment scam, previously handled by the Crime Branch’s Economic Offences Wing (EOW). The handover follows directions from the Kerala High Court.
The CBI officially registered an FIR on April 20, assuming control of 53 cases that were earlier filed across police stations in Kochi, Ernakulam Rural, Pathanamthitta, and Palakkad.
The prime accused in the case are Abin Varghese, a resident of Thrikkakara, and his wife Srirenjini. The case involves violations under multiple sections of the IPC and the Banning of Unregulated Deposit Schemes (BUDS) Act.
According to CBI officials, 41 out of the 53 cases were registered at major police stations such as Thrikkakara, Ernakulam South, Maradu, Palluruthy, Kalamassery, and others. The remaining cases include nine under Ernakulam Rural Police, two at Palakkad, and one at Thiruvalla.
The accused allegedly duped investors across Kerala through fraudulent financial schemes, promising high returns under the banner of Masters Finserv, a non-registered entity under the BUDS Act.
Investigations are ongoing to trace the full extent of the scam and identify additional victims and collaborators.
