Thiruvananthapuram: On the heels of the scooter scam, another financial fraud has emerged in Kerala with three brothers guzzling Rs 150 crore in the name of mouth-watering share trading and then doing the vanishing trick.
The police have registered a case against the owners of Billion Bees of Irinjalakuda in Thrissur district. The prime accused are Bibin K Babu and his brother Libin and Subin.
Billion Bees promised investors an income of Rs 30k to 50k per month for every investment of Rs 10 lakh. As those who invested started receiving the promised income every month, more people joined in. After a few months, the income stopped all of a sudden and news trickled in that the owners had fled to Dubai with their family. When they realized that they had been cheated, they filed a complaint with the police.
In a recent voice message, Subin was heard telling a client about the black money. "The money is coming in. It can be delivered within a week. Since the inspection is underway, it can only be handled carefully," Subin says in the audio message.
Billion Bees was established in 2019 by the Irinjalakuda brothers. After more investors poured in, the company opened an office in Dubai. According to sources, the brothers led a luxurious life.
The Irinjalakuda police initially registered a case on the complaint of a person who had deposited Rs 1.95 crore. Many invested their retirement benefits while others sold land and gold to join the scheme.
The police have currently registered four cases based on complaints. So far 32 people have filed complaints.
The investigation team is trying to track the accused who are believed to be in Dubai.
(Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)
