In 2020, Billion Bees, a Kerala-based trading company, began luring investors by promising huge returns by helping them trade in equities with the use of Artificial Intelligence.
The trading firm started operating from Irinjalakuda in Thrissur district and recently police found that the owners have siphoned off at least ₹250 crore from investors so far.
Who owns Billion Bees?
Billions Bees is owned by Bipin Babu, who is the chief operator of the trading firm. His accomplices are wife Jaitha Vijayan and his brothers Subin and Libin.
The investigation team is trying to track the accused who are believed to be in Dubai. They set up branches of their firm across India and even in the UAE.
Inside the ₹250 crore scam
The accused enticed investors by promising ₹6 lakh profit if they invest a ₹10 lakh deposit. They would receive ₹30,000 monthly. Vipin collected large sums of money from people. The investors were happy when they received the promised sum in the first five months. The confident investors started putting their money back into the firm.
However, it was too late before the investors realised that they were cheated. The payments stopped coming. One of the investors lost ₹1.96 crore.
At least 32 people have lodged complaints against Billion Bees from across Kerala. The first complaint was registered in December 2024. Based on these, police have registered four cases. More complaints are likely to be filed as more than 100 people have come forward.
