Kochi, Oct 30 Police have registered a fresh case against R Premkumar, chairman of BLM credit society, for allegedly cheating a woman of Rs 1.6 crore at Kothamangalam here, officials said on Friday.
Premkumar was arrested by the Crime Branch’s Economic Offences Wing in Kozhikode earlier in connection with a separate fund diversion case and produced before the Additional Chief Judicial Magistrate Court, which granted him bail on Friday.
Bharath Lajhna Multi State Housing Co-operative Society Limited (BLM Society) is a multi-state cooperative society headquartered in Chennai, with operations in Keralam and Puducherry.
According to police, a fresh case was registered at the Kothamangalam police station on Thursday following a complaint from a woman in Idukki district.
The FIR said the accused allegedly led the complainant to believe he was the chairman of the Bharath Lajana Multi State Housing Co-operative Society (BLM) and offered her a commission of over 30 per cent.
He allegedly induced her to invest Rs 1.6 crore by issuing company deposit bonds.
The alleged offence took place between January 1, 2024, and February 18, 2025, the FIR said.
The FIR further alleged that when she later approached the accused to discuss the settlement of financial issues at a hotel in Kochi, she was publicly humiliated, causing her mental distress.
In connection with the fund diversion case in Kozhikode, Premkumar was taken into custody from his residence in Chennai on Thursday morning.
He was shifted to a government hospital in Nungambakkam there after complaining of physical discomfort and was brought to Kozhikode by road on Friday.
Speaking to reporters on arrival at the Kozhikode Crime Branch office, Premkumar claimed that the cases against him were false.
“These are all fake cases. A five-member group is behind these allegations. BLM is a safe and secure firm,” he claimed.
Premkumar was later produced before the Kozhikode Additional Chief Judicial Magistrate Court, which granted him bail.
Representatives of BLM also held a press conference in Kozhikode and denied the allegations.
They alleged that the police were rushing the investigation.
They said the society had among the largest asset holdings in South India among similar institutions and maintained that it was not involved in any investment fraud or malpractice.
The fund diversion case pertains to the alleged use of money deposited with the credit society for private purposes, including the purchase of resorts, theatres and hotels in Keralam and Chennai, sources said.
The case was registered based on a complaint by a Kozhikode native at Nadakkavu police station, alleging financial irregularities in the society.
It was later transferred to the Crime Branch’s Economic Offences Wing in Kozhikode, officials said.
Although the complainant withdrew the complaint, the Crime Branch decided to continue the probe based on its initial findings.
(PTI News)
