Keralam coordinator held in alleged Rs 700 crore VPVV fraud
Thiruvananthapuram, Sep 14 (PTI) Police have arrested the Keralam coordinator of VPVV Techno Construction, which is under investigation for allegedly defrauding investors of more than Rs 700 crore through an investment scheme, officials said on Monday.
The arrested person was identified as P Pradeep Kumar of Paripally in Kollam district.
The company allegedly collected investments from people across the country by claiming that it had secured contracts from the US Department of Defence, police said.
The company's name is derived from the initials of its chairman, directors and coordinators.
Kumar was arrested in connection with a case registered at Varkala following a complaint by A M Muneer, who allegedly lost Rs 70 lakh, police said.
Officials at Varkala police station said Muneer spotted Kumar at a hotel in Cherthala on Sunday evening and stopped him before alerting the police.
Cherthala police took Kumar into custody and later handed him over to a team from Varkala police station, officials said.
The accused was produced before a court and remanded in judicial custody on Monday, police said.
Other accused in the case include VPVV chairman Venkitta Venkit, company directors and coordinators Dr Saab, Yelathi Padmaraja Gopal and G S Biju, police said.
Delhi Police recently arrested Venkit and two others in connection with a similar case there, officials said.
According to police, the accused gained people's trust by showing them fake documents purportedly relating to contracts with the US Department of Defence. They subsequently allegedly promised investors that the company would undertake various projects across the country.
Although land was purchased in several states, no projects were implemented, officials said.
Police will soon approach the court seeking Kumar's custody for further investigation into the case.
Officials said several other cases had also been reported against VPVV in Keralam and that the accused persons had obtained bail from courts in some of them.
