HC
Justice Gopinath P passed the order on a petition filed by K Sumangala and 45 other depositors of the Kozhikode-based society seeking a CBI probe into the alleged scam. 335 cases had been registered against the society and transferred to different crime branch units, including the economic offences wing, according to the police report. The report said the total amount cheated was approximately Rs 65 crore and the total number of victims was 750. The petitioners, however, claimed that more than 1,500 persons had deposited their hard-earned savings with the society. The police report alleged that the society induced the public to make deposits by offering interest rates ranging from 12% to 14.5% and that depositors did not get their money back. It said 11 directors were commonly accused in all the cases, of whom eight had either been arrested or approached the court for anticipatory bail.
Kochi : The high court has directed that the criminal cases registered against Viswadeepthi Multi-State Agri Co-operative Society Ltd, Kozhikode, and its promoters and directors in connection with the multi-crore deposit scam, which are currently being investigated by the state crime branch, be transferred to the CBI . The court took note of a report filed by the superintendent of police, crime branch (economic offences wing), Thrissur range, which stated that the society’s activities were spread across several states and that the main accused had fled the country. The court also directed the state govt and police to do the needful for entrusting the cases to the CBI within two months. One director had died, while others, including the vice-chairman, were absconding or abroad. The report described Bide Sakthi Prakash as the alleged kingpin of the scam, stating that although he did not figure in the documents, he controlled the activities from behind the scenes and that a major portion of the deposits had gone to him. An LOC had been issued against him.
The petitioners contended that an effective investigation could be conducted only by the CBI, as the society is a multi-state co-operative society with operations spanning several states. They also apprehended that those at the helm who were responsible for the alleged offences had fled the country.