Kerala Businessman, Family Held for Rs 500-Crore Financial Fraud

Kerala businessman N.M. Raju, his wife, and two sons arrested in a Rs 500 crore financial fraud. They allegedly duped investors through their firms and invested the money in various sectors. Multiple fraud cases have been filed against the family.

A businessman who is allegedly connected with a political party in Kerala was on Tuesday arrested from Thiruvalla here in connection with a financial fraud of around Rs 500 crore.

Police also arrested his wife and two sons in connection with the multi-crore fraud.

According to police, the accused -- N M Raju, wife Grace and sons Alan George and Anson George -- duped investors, mostly from abroad, by taking money through their various financial firms.

The money was then invested by them in real estate, textiles and vehicle marketing, police said.

When the accused were unable to return the money of the depositors, they filed complaints with the police against Raju and his family.

There are over 20 cases of cheating and fraud against the family in the district, police said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)