Irate investors vandalise proprietor’s house

THIRUVANANTHAPURAM: Enraged investors who were duped after investing their hard-earnevandalising the gate and window panes of the residence of Nirmalan Krishnan Nair at Parassala.
The sudden agitation was following the alleged apathy in the joint investigation of Kerala and Tamil Nadu police. The investors handed over Sreekumaran Nair of Parassala to Palukal police alleging he was one of the benamis of Nirmalan. The 100-odd investors took law into their hands after staging a protest march towards the residence and the main office of the firm at Palukal. 23 days have passed after the promoters of Nirmal Krishna chit fund company had gone absconding leaving the firm locked.

Last week, a sub-court in Thiruvananthapuram appointed a receiver as the custodian of the properties of Nirmalan. Nirmalan, had earlier filed the petition surrendering all his movable and immovable properties citing his debts have grown beyond his assets and hence the firm can be paid off the money of the investors by liquidating his properties. In the petition, Nirmalan had stated the net worth of his entire properties was Rs 91.5 crore and he had a debt of Rs 602.85 crore. He had also stated in the petition that he took over the responsibility of running his family business following the death of his father in 1996.

Nirmal Krishna chit fund company, a finance firm which functioned in Palukal in Tamil Nadu and close to the Kerala border, had allegedly duped over 13,600 investors from Kerala and Tamil Nadu who had deposited over Rs 500 crore under various investment schemes on the promise of good returns. Among them were several people hailing from Parassala, Vellarada and Kunnathukal areas bordering Tamil Nadu.

The cheating came to light after the office failed to reopen after the Onam break. The firm had registered the mortgaged properties in the names of the arrested persons. The police said around 16 people went absconding including the key accused. The firm had collected deposits to the tune of several crores from various persons, including businessmen and politicians, in Kanyakumari and Thiruvananthapuram districts. It used to offer returns at the rate of Rs 1,400 per month for a deposit of Rs 1 lakh. Nirmal Krishna Nidhi Ltd also used to prompt the investors to convert the monthly payment from the deposit as chit payment so the amount could be retained by the firm.

13,600 investors duped
Nirmal Krishna chit fund company, a finance firm which functioned in Palukal in Tamil Nadu and close to the Kerala border, had allegedly duped over 13,600 investors from Kerala and Tamil Nadu
The firm had collected deposits to the tune of several crores from various persons, including businessmen and politicians, in Kanyakumari and Thiruvananthapuram districts.