KOCHI: The Palarivattom police on Sunday arrested the first accused in the Rs 4.50-crore financial fraud case. The accused K P Praveen, 35, Thammanam, Ernakulam, along with his wife Mayusha, allegedly cheated more than hundred persons by guaranteeing to double their investment.According to the police, Praveen and Mayusha were running a fake company which used to collect money from people by promising to double their investment within a few months.“The accused have been operating for the last three years and cheated people in Mattanchery, Thammanam and Palluruthi. There were more than 50 complaints against the couple, of which two cases are registered. The couple had earlier approached the Sessions Court for anticipatory bail, but the court rejected their plea,” police said.The police has also frozen the 1.5 kg gold pledged in various private banks. The couple had been absconding for the past one month. However, the police arrested Praveen from the High Court junction on Sunday.The sources said that an advocate in the High Court had given shelter ever since the police had registered a case against the couple. The police also said that the advocate is likely to be included in the case.“We are interrogating Praveen, and Mayusha will also be arrested soon. The case is very serious as one of the persons had lost Rs 21 lakh. Several people who invested in their company are reluctant to come forward,” the police said.
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