Kerala: Padma Shri awardee arrested for financial fraud

Thrissur (Kerala), Aug 6 (PTI) Kerala businessman and Padma Shri awardee Sundar C Menon has been arrested over complaints of alleged financial fraud in this district, police said on Tuesday.

He was arrested by the district crime branch wing of the state police on Sunday and sent to the district prison here after being remanded by a local court.

According to police, Menon, a recipient of the civilian honour in 2016, faced 18 cases of financial fraud in connection with accepting deposits from people in the name of two firms in which he was one of the directors.

He allegedly accepted Rs 7.78 crore from various people but didn't return the money after the maturity period of the schemes, the police added.

The accused committed the fraud by accepting deposits from over 62 investors, violating Reserve Bank of India (RBI) norms and cheating them by not returning the amount even after the maturity period, a police statement said.

"There were 18 cases registered against the accused at the West Police station here," it said, adding the investigation was later handed over to the Crime Branch.

As per the BUDS (Banning of Unregulated Deposit Schemes) Act, the properties of Menon and other directors of the firm have been frozen, and steps are being taken to attach them, police added.

Sixty-three-year-old Menon was also the president of the Thiruvambady Devaswom, one of the organisers of the famed Thrissur Pooram. PTI