Over 60 cases filed against financial firm in Kerala

KOCHI: With more depositors approaching the police, 62 cheating cases have been registered against Kochi-based Nedumpillil Financial Co (NFC) in the last one week. According to police, with new complaints being filed by depositors, it is estimated that around Rs 20 crore has been siphoned off by promoters.

The majority of cases were registered at Koothattukulam police station. The accused, NFC director Isaac N A and son N I Abraham, are both residents of Koothattukulam.

“The company has been functioning for the past 20 years with its head office in Kochi. It has branches in Koothattukulam, Muvattupuzha, Angamaly and other parts of the district. Even though the company was in the lending business, it started taking deposits a few years back. The firm promised 12-15% annual returns on investment. When their deposits matured, investors approached the firm. But their money was not returned,” an officer with Koothattukulam police station said.

Both Isaac and Abraham have been arrested. It was only after their arrest that most depositors realised that they had lost their deposits. “The crime branch is all set to take over the investigation. As part of the procedure, all persons who lost their money have been instructed to report to the police station so that individual FIRs can be registered. Some investors lost up to Rs 1 crore,” he said.