KOZHIKODE: The special investigation team has intensified its search in Chennai for the culprits who are behind the Rs 500-crore Tycoon money chain fraud case. It is learnt that a Chennai-based politician is the kingpin of the multi-crore money chain fraud unearthed recently in the state.Three more directors of the Chennai-based Tycoon Empire International Limited, including managing director Rajesh Sadasivam, are yet to be arrested. Special Investigation team led by DySP P P Sadanandan had arrested 16 persons in connection with the case.According to the sources, the police got clear indications that the Chennai-based politician and his associates stacked away crores which the company had collected, and that its claims to be an ISO certified company are false. The investigation team is camping in Chennai to nab those associated with the cheating case.The investigation is based in Chennai as the directors are natives of Tamil Nadu.Police is searching for the main culprits of the multicrore money chain cheating, said DySP P P Sadanandan. The police had arrested Kamala Kannan and K Sadasivam, directors of the company and the main accused in the case, in Chennai on October 15. Tamil Nadu and Maharashtra police have also started separate investigations into the scam as the Tycoon has cheated the people of these states too. Tycoon offered `10,000 per month, besides a commission for enrolling new members, to anyone who could invest `1 lakh.According to media reports, most of the people duped by Tycoon are from Payyoli and Vadakara regions in Kozhikode district and Palakkad and Thrissur districts. All the accused were charged under various Sections of the Prize Chits Money Circulation Schemes Banning Act and Section 420 (cheating and dishonestly inducing delivery of property), 468 (forgery for purpose of cheating), and 201 of the Indian Penal Code.
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