Stephan Kayyar

Daijiworld Media Network – Kasargod (EP)

Kasargod, Jan 18: Bedadka station police personnel arrested Vinod Kumar (52), proprietor and president of Global Business Group (GBG) and director Gangadhar Nayar (66), accused of cheating the depositors of several crores of rupees. The police who received information that they will be arriving to Kasargod arrested them from Kasargod press club premises.

Police special branch had received information that the duo will be holding a press conference at Kasargod press club and arrested them on the way.

More than twenty complaints were received about the cheating by GBG finance company during the last few days. The police had registered a case against Vinod Kumar and six directors in this connection and were conducting investigations.

Vinod Kumar was absconding and had applied for bail from the high court. People lodged complaints as the company which had promised to pay double the amount for the deposits had not repaid the deposits and the interest.

The company was started in November 2020. The amount was initially repaid to the depositors as promised. Therefore, more and more people got attracted towards it and came forward with their deposits.

More than 5,700 depositors are said to have been cheated of their deposits. More than Rs 400 crore are said to be cheated as per preliminary sources. Deposits were received from people in Kasargod, Kannur, Koyikkode, Trissur, Vayanad and other places.