Kerala Crime Branch probes alleged multi-crore fraud by BLM society
Investigators are tracing a complex network of transactions involving hundreds of bank accounts and luxury properties across three states, according to South First.
The Economic Offences Wing (EOW) of the Kozhikode Crime Branch arrested Bharath Lajhna Multi-State Housing Co-operative Society (BLM) chairman R Premkumar in Chennai on Thursday, 29 October, regarding an alleged multi-crore financial fraud. The Kozhikode Judicial First Class Magistrate Court granted Premkumar bail on Friday, 30 October, citing his health and procedural issues, according to South First.
The investigation covers alleged irregularities across Kerala, Tamil Nadu, and Puducherry. Police have located over 320 bank accounts connected to the society, Premkumar, his family members, and related businesses. The probe is looking into the diversion of funds into various sectors, including resorts, movie theatres, and financial firms.
The Crime Branch is examining several specific transactions, such as the purchase of a 21.81-acre property in Thiruvananthapuram for ₹8.25 crore in the name of Premkumar's wife, Prabha Premkumar. Investigators also noted transfers to a firm called Maali & Manvi, which is directed by Prabha and her son, Premkumar Madhumkesh.
The society, which claims 15 lakh members and ₹850 crore in deposits, had approximately 130 branches in Kerala. A former CEO of BLM, Naveen S Nair, filed an FIR alleging that Premkumar moved large sums from society accounts to personal ones, including a ₹30 crore transfer to a Chennai-based SBI account.
While the society was planning to open 20 more branches in Tamil Nadu, police are now registering new cases. A fresh cheating case has been filed against Premkumar in Kothamangalam for the alleged fraud of ₹1.6 crore from a woman.