Kerala High Court Refuses Bail to Anand Kumar in ₹1,000 Crore CSR Fraud Case
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Synopsis
The Kerala High Court has denied bail to K.N. Anand Kumar, the founder and Managing Trustee of the National NGO's Confederation, who is involved in a ₹1,000 crore CSR scam. The case has led to significant investigations and numerous complaints from victims across Kerala.
Key Takeaways
- Kerala High Court denies bail to Anand Kumar.
- Kumar implicated in ₹1,000 crore CSR scam.
- Over 500 financial fraud cases registered.
- Ananthu Krishnan, the alleged mastermind, also in custody.
- Scam involved misleading offers on consumer products.
Kochi, April 9 (NationPress) The Kerala High Court ruled against granting bail to the accused K.N. Anand Kumar, the founder and Managing Trustee of the National NGO's Confederation, who is currently in judicial custody due to his involvement in the ₹1,000 crore CSR scam case.
The Crime Branch of the Kerala Police apprehended Kumar last month in connection with this extensive scheme that has caused significant distress among the public after numerous individuals were deceived. Following his arrest, Kumar experienced health issues and was hospitalized in a prominent private medical facility in the state capital.
Reports indicated that he was suffering from cardiac problems.
Last month, the Kerala High Court criticized the tendency of certain VIPs to seek medical excuses post-arrest to evade imprisonment, asserting that such measures should only be considered when the jail's medical facilities are inadequate.
Kumar is accused of receiving ₹10 lakh monthly for several months from Ananthu Krishnan, the alleged mastermind of the extensive fraud.
Krishnan, regarded as the principal figure behind the scheme, is also in judicial custody. Kumar is the second individual implicated in this case.
The scam, orchestrated by Krishnan and his associates, involved misguiding victims into believing they could acquire valuable consumer goods—including scooters, laptops, and sewing machines—at half their market value, disguised as a CSR initiative.
This aggressive marketing strategy drew in thousands of unsuspecting investors, who were led to think they were making a profitable purchase through corporate sponsorship.
As the fraudulent operation began to collapse, numerous victims emerged, claiming they had invested their life savings in what seemed like a golden opportunity.
Once the promised products failed to be delivered, complaints surged from across Kerala, triggering a comprehensive police investigation.
The Crime Branch's inquiry has unveiled the extensive nature of the scam, resulting in over 500 cases of financial fraud being registered throughout all 14 districts in the state.
With the High Court's decision to deny bail, Kumar, who is considered a well-known figure in the social and cultural circles of the state capital, will remain behind bars alongside the primary accused, Krishnan.
