Manjeswaram MLA MC Kamarudheen was admitted to the Kasaragod Medical College today. The senior Indian Union Muslim League member, who was arrested in connection with cases registered against him in a multi-crore investment fraud, was shifted to the hospital from Kanhangad district jail due to diabetes complications.
Kamarudheen suffered a blow on November 12 when the Kerala High Court rejected his plea seeking cancellation of the FIR and the Hosdurg Magistrate Court rejected his bail plea in the investment fraud case.
Kamarudheen was arrested under sections 406 (criminal breach of trust) and 420 (cheating) of the Indian Penal Code, the provisions of Kerala Protection of Interests of Depositors in Financial Establishments Act and section 3 and 5 of the Banning of Unregulated Deposit Schemes Act in connection with the duping of depositors in his gold business, Fashion Gold.
Kamarudheen, along with others, started Fashion Gold International in 2006 at Kasaragod. While the Manjeshwaram MLA is the company’s Chairman, Pookoya Thangal is the Director. They had reportedly received over Rs 140 crore from over 750 investors, a majority of whom are Muslim League supporters and their families. While the company grew to include three more gold companies with the same address, it shut down operations in December 2019. The problem started when the two IUML members failed to return investors their money.