VADAKARA: Making a major progress in the investigation of Rs 500 crore Tycoon money chain fraud case, the special team nabbed Bhoopathi Manoharan, 29, a native of Namakkal, Tamil Nadu and Director of Tycoon Empire International, from Chennai on Monday.According to the police, Bhoopathi, a Software Engineer who designed the website of the company, was arrested from a software firm in Chennai. With the arrest, the number of persons arrested in the case has risen to 16. Bhoopathi was charged with a case under Section 5, 6 and 7 of Prize Chits and Money Circulation Banning Act.“The total volume of fraud is around Rs 500 crore in the Tycoon case and around 1,50,000 customers in Bihar, Maharashtra, Karnataka, Tamil Nadu and Kerala have invested money in the scheme initiated by the company,” said Crime Detachment DySP P P Sadanandan. Three more directors including Managing Director Rajesh Sadasivam are yet to be arrested in the case, he added. Police teams from Maharashtra and Tamil Nadu questioned the culprits arrested by Kerala Police in the case. “Police got indications that a Chennai-based politician is the kingpin of the money fraud case and dwindled crore of rupees,” said Sadanandan. But we dont have enough evidence to arrest him,” he added. In the fraud networking chain 100, persons from Kerala alone are in the suspects list, said police officials. Police registered FIR against all the complaints of Kasargode and Malappuram districts as there is clear indication that many of them acquired crores of rupees from the fraud money chain.
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