Kerala Crime Branch Police have arrested R. Premkumar, founder chairman of Bharath Lajhna Multi State Cooperative Society, in connection with an alleged Rs 300-crore financial fraud. He was taken into custody from his Chennai residence on October 29 by the Economic Offences Wing of the Crime Branch, Kozhikode, media reports say.
Investigators suspect that members’ deposits were diverted to personal accounts of Premkumar and his relatives and used to purchase resorts and theatres. The Crime Branch has reportedly identified around 320 suspected bank accounts linked to them.
The society, established in Chennai in 2006, reportedly has over 15 lakh members and around 150 branches across Kerala, Tamil Nadu and Puducherry. Premkumar was shifted to a hospital after complaining of physical discomfort following his arrest.
