KASARGOD: The Bedakam police on Monday arrested Global Business Group (GBG) Nidhi Ltd chairman D Vinod Kumar and a director board member of the group, P Gangadharan Nair, in connection with the multi-crore investment scam. The savings firm allegedly duped people of several crores after promising them that their deposits would almost be doubled in 10 months.
As of now, the Bedakam police have registered 18 cases against GBG’s six directors, including Kasaragod native Vinod Kumar, based on the complaints. The police said Vinod Kumar, the prime accused, was arrested from a lodge in Kasaragod based on a tip-off received by the special branch about his hideout. Gangadharan Nair was nabbed as he was waiting at the Kasaragod Press Club to conduct a press conference, arranged by Vinod Kumar, to explain the company’s version.
According to the police, the company — launched in 2020 — had promised 80% profit to investors in 10 months. Initially, the depositors were paid the promised amount, and more came forward to join the scheme. Those who invested `1lakh were given `2,000 per week, which added up to Rs 80,000 after 10 months. Until October 2022, the investors were getting the dividend without fail. However, things went sour after that and many investors felt cheated as they were not getting their money back.
It was on January 12 that 17 depositors lodged complaints against Vinod Kumar, accusing him of defaulting on…
