Lagatar24 Desk
Kochi: A scam promising scooters, laptops, and home appliances at half price has left nearly 40,000 people in Kerala defrauded of an estimated ₹500 crore. Marketed as a Corporate Social Responsibility (CSR) initiative, the scheme targeted middle-class families, women, and low-income households, luring them with offers of two-wheelers worth ₹1.2 lakh for just ₹60,000 and steep discounts on household items.
The mastermind, 28-year-old Ananthu Krishnan from Idukki, operated a Ponzi scheme, cycling funds from new investors to fulfill earlier promises—until it all collapsed.
The Scam Unfolds
On January 30, police arrested Ananthu and froze his bank accounts, cutting off the financial flow. The fraud had already impacted thousands who took loans to invest in the scheme.
• An estimated 30,000 to 40,000 victims fell for the fraud.
• 3,000+ complaints have been filed.
• ₹500 crore fraud estimate, with ₹37 crore confirmed from just 34 FIRs.
Lavish Lifestyle Funded by Fraud
According to investigators, Ananthu lived extravagantly on the scammed money, renting luxury apartments in Kochi’s Marine Drive, purchasing multiple properties in Idukki and Kottayam, and leading a high-profile lifestyle.
To build credibility, Ananthu carefully curated a public image, flaunting fluency in English, actively engaging on social media, and posing with celebrities, politicians, and government officials.
He falsely claimed that large corporations were backing the initiative as part of their CSR obligations. To maintain this facade, he even approached companies and NGOs for real contributions, though none materialized.
‘Women on Wheels’ – The Gateway to Fraud
The scam’s success hinged on a project named ‘Women on Wheels’, which initially delivered scooters to early investors, boosting public trust and attracting more victims. Eventually, household items like sewing machines, water tanks, and fertilizers were added to the scheme.
But, like all Ponzi schemes, the money eventually ran out, leaving thousands in financial ruin.
Investigation and Political Links
The first police probe was triggered by a single complaint to Kerala’s police chief. However, officials did not initially grasp the massive scale of the fraud.
• An SIT (Special Investigation Team) has been formed to uncover the full extent of the scam.
• Ananthu’s web of deception included NGOs and influential figures, some of whom unknowingly acted as intermediaries.
• The scam has also spilled into Kerala’s political circles, with multiple politicians facing allegations of involvement.
