Home Cities Kochi

Crime Branch begins probe into fraud by Kalamassery firm honchos

The crime branch has launched a probe into a corporate fraud in which two top directors of a Kalamassery-based company have been accused of siphoning off investments worth Rs 14.7 crore.  

Published: 27th April 2022 06:28 AM  |   Last Updated: 27th April 2022 06:28 AM   |  A+A A-

money fraud, investment

Representational Image (Express Illustrations)

By Express News Service

KOCHI: The crime branch has launched a probe into a corporate fraud in which two top directors of a Kalamassery-based company have been accused of siphoning off investments worth Rs 14.7 crore.  

Managing director Pramod Francis and executive technical director Sanjith Mooppil of Prasan Solutions Pvt Ltd at Kinfra Hi-Tech Park here had promised investors to develop natural thermal stabilisers and antimicrobials for the food industry but diverted the funds for other purposes. Cases under the IT Act were registered against a few staffers, too, for allegedly deleting certain data from the company’s computers. 

Sources said senior crime branch officer Siby Tom would lead the probe. “The main allegation is that the two directors claimed that they had the technical skills to develop a set of niche products, and duped investors after submitting fudged reports,” said an officer, adding that the money trail was being tracked.
Initially, a case was registered against the duo in Bengaluru. However, the Karnataka High Court transferred the case to Kochi.  

Now we are on Telegram too. Follow us for updates
India Matters

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.