However, this seemingly generous offer was nothing more than a well-orchestrated Ponzi scheme, allegedly masterminded by 28-year-old Ananthu Krishnan from Kudayathoor in Idukki. Police sources told ToI that the operation relied on channeling funds from new investors to fulfill earlier commitments—until the entire system inevitably collapsed.
On January 30, Ananthu was arrested and police froze the bank accounts linked to the operation, cutting off the flow of funds. An SIT was formed to uncover the full extent of the fraud. By then, the scam had already ensnared between 30,000 and 40,000 people, many of whom had taken loans to invest. Over 3,000 people have filed complaints, with investigations estimating the total fraud amount at Rs 500 crore. In just 34 FIRs, Rs 37 crore was confirmed as swindled.
How Ananthu carried out the scam?
As per investigators, Ananthu lived extravagantly on the bilked money. He rented luxury apartments in Kochi’s Marine Drive, spent heavily on a posh lifestyle, and invested in properties in at least five locations across Idukki and Kottayam. Ananthu had carefully built an image of credibility. Fluent in English and active on social media, he posed for photos with celebrities, politicians, and govt officials, adding an air of legitimacy to his scheme.
A project named ‘Women on Wheels’ was the gateway to the scam’s success. Initial investors received scooters, fuelling trust and encouraging more bargain-hunters to invest. Soon, the scheme expanded, offering household items at steep discounts, according the ToI report.
But as with any Ponzi scheme, the money eventually ran dry and left thousands in the lurch. A single complaint to Kerala’s police chief triggered the first probe. “We didn’t know the magnitude of the scam when the first FIRs were registered,” police said.
