In a significant development in the ongoing investigation into a Rs96 crore loan scam at the Angamaly Urban Cooperative Society, the Crime Branch (CB) has arrested Elsy Paul, the wife of the late P.T. Paul, who served as the society’s president during the period when the alleged scam occurred.
Sources within the Crime Branch have stated that Elsy Paul is suspected of serving as a benami for her husband’s ill-gotten wealth. According to the authorities, several loans were taken out in her name, and large sums of money were funneled through her multiple accounts within the society.
The sources added, “She effectively served as the key accused’s benami as many of his investments, including in land, were made in her name. During his tenure as president, multiple loans were sanctioned on the same title deeds or even copies of original land documents, and these loans were provided to his cronies. Additionally, the society’s director board was packed with individuals loyal to him.”
Elsy Paul’s arrest comes as the Crime Branch continues to unravel the full extent of the financial fraud, which involves multiple layers of deception and illegal transactions.
