On Thursday, the Crime Branch arrested Sunish Nambiar, 44, for allegedly defrauding over 100 investors of a staggering Rs25 crore. Nambiar, a resident of Chirakkal village, hails from Kuveri in Kannur. The arrest followed an investigation by the Economic Offence Wing of the Ernakulam Crime Branch.
Nambiar is accused of operating a fraudulent stock trading company, Nam Index Derivatives, where he lured investors with promises of substantial returns from the stock market. He claimed to be an expert in stock trading, with a background in the London Banking sector, and offered annual profit shares of 25-30%.
His scam began by gaining the trust of a few investors through large returns on smaller investments, which he used to convince others to invest. Initially, he received backing from two well-placed individuals in the Gulf, who, after receiving substantial returns, brought in over a hundred others. However, Nambiar siphoned off the funds and disappeared once he had accumulated their investments.
The Crime Branch continues its probe into the case, focusing on recovering the defrauded money and identifying other potential victims.