A significant financial fraud case has unfolded in Kerala, with businessman N M Raju and his family arrested in connection with a Rs500 crore scam. Raju, his wife Grace, and their two sons, Alan George and Anson George, were arrested from Thiruvalla for duping investors, mainly from abroad, through their financial firms.
According to the police, the family used their various business ventures to collect large sums of money from unsuspecting investors. The funds were allegedly invested in real estate, textiles, and vehicle marketing. However, when the family was unable to repay the investors, numerous complaints were filed against them.
Authorities revealed that there are more than 20 cases of cheating and fraud registered against the family in the district. The investigation has uncovered a complex network of deceit, where investors were promised returns, but their money was not returned when due.
As the investigation continues, police have indicated that there could be more victims who will come forward, as the scale of the fraud is substantial. The arrests of N M Raju and his family members mark a significant development in the case, with police now focusing on recovering the defrauded amounts and holding the accused accountable for their actions.