Numerous people, including some well-known figures, are thought to have fallen for the fraud disguised as a capital market investment. There have been 119 complaints in total, and there have been six incidents reported to the police.
Over Rs 85 crore was invested in the Ebin-Sreeranjini pair, who are currently in police custody in connection with the share-trading fraud case.
In five of these cases, the court blocked the couple’s detention, but in the sixth, the police managed to take them into custody.
Ebin told the police that when their anticipatory bail plea was up for hearing, their attorneys recommended them to stay in India rather than abroad, thus they returned from Dubai to New Delhi. They were unaware that the sixth case had been reported.
According to police sources, some of Ebin Varghese’s staff will also be made co-accused in the case. The pair resides in Kochi’s Vazhakkala neighbourhood close to Palarivattom.
Information on the share transactions found on the computers seized from the Masters Group headquarters is being examined by cyber experts. If necessary, they will also ask SEBI officials for assistance.
In the meantime, Ebin and Sreeranjini revealed to the authorities that they spent the millions of dollars they obtained from the share fraud for gambling and to live a luxurious lifestyle. They splashed heavily on lavish homes and apartments, as well as stays at pricey tourist sites both inside and outside the country, according to the initial information obtained during the interrogation.
The couple was apprehended at the New Delhi airport and taken to the Thrikkakara police station by Wednesday midnight. A team led by Deputy Commissioner S Sasidharan interrogated the couple until Thursday noon.
They were later detained by a court until January 19. Despite Ebin’s claims that he lost Rs 50 crore at the gambling, authorities believe that this was just a plot to hide the accused’s black money.
Ebin admitted to authorities that he spent Rs 6 crore on the purchase and renovation of a flat in Thrikkakara and that his wife plays no part in the financial transactions. He claimed to have purchased two flats in a building with two levels and converted them into a luxurious home, but the police discovered that he had just changed the ownership from his name.
In his statement to the police, the accused said that he had sold his home in Moolepadam, Vazhakala, and that a well-known individual who had recently resigned from the field of law and order had gotten involved in the transactions. The latter had utilised the accused to invest a sizable sum in the stock market, and he assisted Ebin in selling his home to recoup his investment.
During their inspection of the apartment in Thrikkakara, the police found evidence supporting this. Police were informed by Ebin that he had no complaints regarding the incident. The police have opted not to get involved in the house sale because it is being done legally and according to all the rules.
The police discovered that the pair intended to use the stolen funds to book a flight to Qatar to see the FIFA World Cup. They also hired a company to prepare all the necessary paperwork to make their trip easier. Due to the numerous police cases, however, the pair abruptly changed their plans and took a flight to Dubai.
