Kasargod, July 18: A major case of fraud by Global trading Solution Company has been exposed in Kasargod, wherein company has deceived hundreds of people across Kerala of cash to the tune of Rs 400 crores.
Sources said that the modus operandi of the company was to attract the deposits from the customers with the false promise of double returns. It was also learnt that the company in the beginning promised 10% returns on the investment and afterwards assured double the returns to attract more and more customers.
Police have already arrested one person named Sajith, aged 29 years old and believed to be the director of the company.
It was also learnt that company had customers not only in Ernakulum, Trissur and Palakkad in Kerala but also in Mysore and Bangalore in Karnataka.
Khadija Nausha, Sajith’s wife, Abdul Naser from Ernakulum and Usha Kumari from Chervattur were on the board of directors and it is understood that almost all of them fled the country.
The arrest followed the complaint by several people from Trissur in east police station.
Sources also said that the owners of the company were at large ever since they convened a meeting of depositors at a Kasargod school on December 1, 2011 and collected thee deposit receipts.
Investigation has revealed that the company has also merged with a Dubai based company and even the investments of the customers have already been transferred.
Investigation is in progress