KOCHI: Scooters, laptops, and home appliances at half the price - the offer seemed like a golden opportunity for thousands of middle-class families across Kerala. The scheme, marketed as a CSR initiative by large companies, claimed to empower women and support low-income households. Women could own a brand-new scooter priced at Rs 1.2 lakh for just Rs 60,000. Laptops, water tanks, fertilisers, and sewing machines were also promised at massive discounts. This generous offer was allegedly devised and executed by Ananthu Krishnan, 28, of Kudayathoor in Idukki district, a self-styled social activist with an eye for deception.
The scheme, police sources said, was nothing more than a sophisticated Ponzi operation, rechannelling funds from new investors to fulfil promises to earlier ones - until it all came crashing down.
On Jan 30, Ananthu was arrested and police froze the bank accounts linked to the operation, cutting off the flow of funds. An SIT was formed to uncover the full extent of the fraud. By then, the scam had already ensnared between 30,000 and 40,000 people, many of whom had taken loans to invest. Over 3,000 people have filed complaints, with investigations estimating the total fraud amount at Rs 500 crore. In just 34 FIRs, Rs 37 crore was confirmed as swindled.
As per investigators, Ananthu lived extravagantly on the bilked money. He rented luxury apartments in Kochi's Marine Drive, spent heavily on a posh lifestyle, and invested in properties in at least five locations across Idukki and Kottayam. Ananthu had carefully built an image of credibility. Fluent in English and active on social media, he posed for photos with celebrities, politicians, and govt officials, adding an air of legitimacy to his scheme.