The Central Bureau of Investigation has begun probing an alleged Rs 65-crore investment scam involving Viswadeepthi Multi State Agri Co-operative Society Ltd after a direction from the Kerala High Court, with the agency alleging that depositors were induced to invest their savings but later faced difficulties recovering their money.
The CBI’s anti-corruption unit in Kochi registered an FIR on September 29 and took over the case, according to the FIR details reported by the Times of India. The case has been registered under provisions of the Banning of Unregulated Deposit Schemes Act and the Bharatiya Nyaya Sanhita, including sections relating to alleged criminal conspiracy and cheating.
The FIR names 12 accused, including Viswadeepthi Multi State Agri Co-operative Society Ltd and 11 of its board members and promoters. The society is headquartered in Coimbatore, Tamil Nadu, and operated branches in Kerala, according to the report.
Investigators allege that the society attracted deposits by offering interest rates ranging from 12% to 14.5%. The FIR states that the accused allegedly failed to repay deposits, including the principal amounts, resulting in financial losses for depositors.
The alleged deposits were collected between April 2023 and November 2024, officers told the Times of India. The reported scale and duration of the collections have placed the case within a wider public-interest concern around how deposit-taking entities attract household savings, communicate returns and meet repayment obligations.
The Banning of Unregulated Deposit Schemes Act provides the legal framework for action against prohibited deposit-taking arrangements. In this case, the CBI investigation follows the Kerala High Court’s direction and will examine the allegations recorded in the FIR, including the collection of deposits, the promised returns and the alleged failure to repay investors.
The case also highlights the cross-state nature of the alleged financial activity. While the society is headquartered in Coimbatore, its reported operations in Kerala and the involvement of depositors in the state led to the CBI’s Kochi anti-corruption unit taking up the investigation.
The FIR is an allegation and does not establish guilt. The investigation will determine the role of the society, its board members and promoters, as well as the extent of the alleged losses. Further action will depend on the evidence gathered by the agency during the probe.
