Alappuzha , 17 Dec (H.S.):A large-scale financial fraud built around false claims of lucrative returns from iridium sales has ensnared police officers, government employees, and local residents across Kerala, leaving many victims with heavy financial losses.

The scam, operated under the guise of trading in rare metals such as iridium and copper, lured investors by promising extraordinary profits running into crores of rupees. The fraudsters claimed that specially designed copper and iridium devices possessed unique powers — including the ability to attract rice grains or generate wealth — and falsely asserted that international agencies such as NASA used these metals extensively, thereby inflating their supposed value.

Several victims invested substantial amounts after being assured of quick and massive returns. A Deputy Superintendent of Police serving with the Central Reserve Police Force reportedly handed over Rs 25 lakh to the group after attending multiple meetings where he was promised returns worth several crores. Despite repeated assurances, he has not received any repayment.

In another instance, the husband of a woman Sub-Inspector, who works as a bank official, allegedly lost Rs 10 lakh. When the SI confronted the fraudsters, they reportedly promised a tenfold repayment, which has not materialised so far.

Reports indicate that the scam operated openly for a period, with police security allegedly being provided for events organised by the group at Kumarakom. These gatherings were reportedly attended by individuals from Tamil Nadu as well. It is also alleged that a senior police officer received an expensive iPhone from the fraudsters, raising concerns about undue influence and possible attempts to gain official protection.

The scam did not spare political representatives either. A panchayat president in Idukki district and his wife, who were promised returns of Rs 10 crore, reportedly invested Rs 39 lakh. Former military personnel from Kottarakkara, Kottayam, and Kochi are said to have lost around Rs 20 lakh each after being drawn into the scheme.

Investigators have identified Saji Ouseph, a native of Veeyapuram in Alappuzha district, as the alleged kingpin who coordinated the collection of money from victims. Sources claim the fraudsters encouraged investors to rope in relatives, friends, and acquaintances, thereby expanding the network and increasing the scale of the scam.

Serious concerns have been raised over delays in action, with allegations that interventions by senior police officers may have allowed the fraudulent operation to continue unchecked for a prolonged period.

As complaints mount, pressure is growing on law enforcement agencies to conduct a thorough probe, identify all those involved, and recover the money lost by victims, many of whom invested their life savings after being misled by claims of guaranteed riches.

---------------

Hindusthan Samachar / Arun Lakshman