Kerala: Over 50 people lose money in Vengeri Agrico scam

Kozhikode: More than 50 people lost money in the fraud committed in the name of the Agricultural Production Cooperative Society in Vengeri, Kozhikode. It was found that more than Rs 8 crore of irregularities were committed in the name of the cooperative society. The scam by the UDF-led cooperative was promising high interest rates and jobs to the investors.

Robi, the employee of Cooperative Society, stated that"eight people came home and asked for money. They are also normal people. The money was given to them by asking other people. At this point, we have to sell our house for repayment. In this way, more than fifty people come forward with complaints without getting their money back.

Saritha, a complainant, stated that "I was pregnant that day. I got sick and went to the hospital. Still, I was not paid."

Agrico started operations in Vengeri in 2014, with CMP leader Chandrahasan as its chairman. About 25 rice shops and poultry farms have been started in different parts of the district under Agrico. Investors were attracted by offering up to 13 percent interest. One by one, the institutions were closed due to losses. It was promised to return the deposit immediately, but even after many years, not a single rupee has been returned.

The Chevayur police registered a case on the complaint filed by the investors. However, the investigations reached nowhere. The investigation conducted by the Department of Cooperation found that the group had started many organizations illegally. The cooperation department has found that there has been an irregularity of more than Rs 8 crores.