Archive · 31 May 2025
Police Invoke Buds Act in Farmfed Deposit Fraud Case
Some people were running a society called Farmfed and promised high interest rates to people who deposited money.
They took a lot of money from many people, which is now considered a fraud.
The police are now involved and have taken actions to stop the scammers from using the money.
The police are also going to investigate the others who were involved in the scam.
Police invoked the Buds Act against those involved in the Farmfed deposit fraud.
The fraud is estimated to be worth Rs 250 crore.
The accused offered 12.5% interest rates to lure depositors.
Farmfed chairman Rajesh Chandran Pillai and managing director Akhil Francis were arrested.
The society was functioning for 16 years, launching agricultural plans.
- Who
- Police, Farmfed chairman Rajesh Chandran Pillai, and managing director Akhil Francis.
- What
- Police invoked Buds Act in the multi-crore deposit fraud surrounding Farmfed.
- When
- Friday
- Where
- Thiruvananthapuram
- Why
- To recommend attaching the wealth owned by the accused in the fraud.
- Estimated Fraud Amount
- Rs 250 crore
- Offered Interest Rate
- 12.5%
- Organization Involved
- Farmfed
- Arrested Individuals
- Rajesh Chandran Pillai, Akhil Francis
- Total Cases Registered
- Five