Kochi: Two more Malayalis are remanded in the ED case of the Chinese instant loan scam. The Kochi PMLA court has also granted the Enforcement Directorate’s request to remand Kozhikode native Syed Mohammed and Fort Kochi native Varghese for four days.
The ED’s preliminary conclusion is that a fraud of Rs 1600 crore took place. In January, the ED had arrested 4 people from Tamil Nadu in connection with the case. Syed Mohammed and Varghese were the ones who obtained documents from ordinary people and prepared bank accounts for the fraud without their knowledge. The ED has concluded that the four accused who were arrested earlier transferred the money they had embezzled from several people through a loan app to Singapore and invested it in crypto.
