Man held in alleged ₹4.5-crore deposit fraud

The secretary of the Thalassery Vyapari Cooperative Society, who allegedly absconded after collecting crores of rupees from depositors by promising unusually high interest returns, was arrested by the Thalassery police in Rameswaram, Tamil Nadu.

K.C. Jyothish, a native of Pinarayi, allegedly collected around ₹4.5 crore from numerous investors, including relatives, by promising unusually high returns before shutting down the institution and going into hiding. The Thalassery police registered four cases based on complaints from depositors and launched an investigation.

The police said Jyothish had been absconding since June 26 and travelled through Mumbai and several locations in Tamil Nadu before being apprehended in Rameswaram. He was brought to the Thalassery police station for interrogation.