Investors duped as owner closes fin firm and absconds 

KOCHI: Joshi John (name changed) parted with Rs 25 lakh after a banking professional in the city promised 18-20% annual returns on his investment. Ebin Varghese, who ran the Masters Group, based in Kakkanad, approached the NRI and convinced him of the benefits of putting his money in the share market. 
With a first big payout, Varghese won his trust. John received multiple deposits in his bank account for a year. When that stopped, he contacted the firm, which informed him that the delays were due to several technical issues, including slapping of GST. 

The firm downed its shutters on Monday after investors approached police alleging they had been cheated of crores of rupees. Complaints are pouring in and a major financial fraud has come to light.Following complaints, Thrikkakara police registered three cases of cheating against  Varghese. He has been absconding since investors approached the police.

Varghese, a former employee of a private bank, here, targeted mostly actors, NRIs and professionals. “Some of the investors received regular payouts and this encouraged them to invest more money. An inquiry is on to determine if he had a valid business licence. Police are also looking at whether he had actually invested the money collected from clients in the stock market,” an officer said. The fraud was operated by companies registered under the Masters Group, which started operations in 2014.

“We are receiving more complaints. So far, the police have registered three cases and started an investigation,” said P V Baby, Assistant Commissioner of Police (Thrikkakara). Victims alleged that Varghese had sold his house and property on Moolepadom Road and a  luxury car. Police are also looking into whether his wife Sreeranjini, who is also reported missing, was also involved in the scam.