A Kerala court on Tuesday dismissed the bail plea of Ananthu Krishnan, the accused in the half-price scam case.
The Muvattupuzha Magistrate Court observed that granting bail would affect the investigation of the case. The prosecution stated that it was a large-scale scam led by Ananthu Krishnan.
The 26-year-old, Ananthu Krishnan, a native of Thodupuzha allegedly orchestrated the fraud now estimated to be around Rs 600-700 crore.
Ananthu Krishnan collected Rs 60,000 each from nearly 50,000 people across Kerala by promising scooters, sewing machines, home appliances, and laptops at half price. Out of this, only 17,000 people received the two-wheelers. The initial delivery phase was allegedly designed to gain trust and attract more customers with promises.
Ernakulam Rural Police arrested Ananthu Krishnan last week after hundreds of people filed complaints against him.
Ananthu Krishnan’s lawyer argued that his organisation is legally operating and has a GST number. The bail bond mentions that he handled the financial matters, but he has not received money in his personal account. His lawyer requested bail, stating that it was only a civil case.
But the court declined the bail plea and observed that if bail was granted, Ananthu Krishnan might tamper with the evidence.
Meanwhile, the police will now question the beneficiaries who received materials from the accused at half price.
Police will also question politicians who have allegedly accepted funds from him. Ananthu Krishnan has reportedly admitted to the police that he had given money to politicians in Ernakulam and Idukki.
So far, 375 cases have been filed at local police stations. All these cases will be handed over to the Crime Branch SIT. In the newer cases, local police have been advised to do a preliminary inquiry before handing over the case to the Crime Branch.
