KOCHI
Palarivattom Police on Tuesday arrested two people on charges of financial fraud reaching ₹1 crore on the pretext of running a multilevel marketing network company. Those arrested were identified as Joshy, 51, from Vennala and Bezhson, 52, from Karanakkodam. They are accused of raising money from people, including friends and families, by enlisting them into their multi-level marketing network company under the name Crowd One since 2020. the alleged fraud was the €2.50 they were promised would be credited. into their accounts each week in exchange for their investments. “The focus was on the return while nothing concrete was revealed about the company itself or its activities. Investors received no returns or their main investments. The funds thus usurped were converted in coins worth ₹1 crore and transferred to various accounts,” Palarivattom law enforcement sources said. Other defendants, including two key defendants believed to be overseas, remain to be caught. Further details of the coin transactions and the fraud itself would not be known until after their arrest, sources said. Those arrested were arrested under Sections 406 (criminal breach of trust) and 420 (deception and dishonest inducement to deliver goods) of the CIP A team formed by District Police Chief (Kochi City) CH Nagaraju and supervised by Deputy Police Commissioner VU Kuriakose and Deputy Commissioner Y. Nizamudheen carried out the stop tation. The team consisting of Inspector S. Sanal, Deputy Inspector Akhildev, Assistant Deputy Inspector Ranjith and Civilian Police Officers Mahin, Pareeth and Arun made the arrest.