Kerala businessman and Padma Shri awardee Sundar C. Menon has been arrested on allegations of financial fraud, according to police reports. He was apprehended by the district crime branch on Sunday and subsequently remanded to the district prison by a local court.
Menon, who received the prestigious civilian honor in 2016, faces 18 cases related to financial misconduct for accepting deposits from individuals through two firms where he served as a director. He is accused of taking Rs7.78 crore from over 62 investors without returning the funds after the maturity periods of their investment schemes.
The police indicated that Menon’s actions violated Reserve Bank of India (RBI) regulations, as he failed to repay the amounts owed to investors even after the agreed-upon periods had elapsed.
Eighteen complaints have been registered against him at the West Police station, with the investigation later transferred to the Crime Branch for further scrutiny. Under the BUDS (Banning of Unregulated Deposit Schemes) Act, the properties of Menon and other company directors have been frozen, and actions are being taken to attach these assets.
At 63, Menon also held the position of president of the Thiruvambady Devaswom, a key organizer of the renowned Thrissur Pooram festival.
