Fake Agri-Tourism Scheme: 3 ATCOS directors arrested in ₹100 Cr fraud

Police on Sunday arrested three directors of a firm accused of cheating hundreds of investors of more than ₹100 crore through a fraudulent investment scheme linked to agricultural tourism.

The accused Muraleedharan, Ashik Murali, and Akhil Murali , all natives of Thrissur were apprehended by the Kalamassery police in connection with the scam involving the ATCOS (Agri Tourism Cooperative Society) , headquartered at Pathadipalam near Kochi.

According to police, the firm lured investors by promising high and assured returns from projects in the agricultural tourism sector. However, the company allegedly failed to deliver payouts and disappeared with the collected funds, leaving hundreds of investors in distress. Officials estimate the fraud amount to exceed ₹100 crore.

ATCOS was registered under the Multi-State Cooperative Societies Act and operated 13 branches across Kerala as well as a unit in Coimbatore, Tamil Nadu. Complaints began surfacing when investors neither received returns nor refunds of their principal amounts.

Police said around 54 cases have been registered in 32 police stations across the state , including 29 cases at Kalamassery police station alone, highlighting the scale of the alleged fraud.

Following directives from Kochi City Police Commissioner K. S. Mahesh Kumar , a Special Investigation Team (SIT) led by Deputy Commissioner of Police (Law and Order) Shehensha and Thrikkakara ACP Manoj Kumar tracked down the accused. They were found hiding in a secretly rented apartment in Amala Nagar, Thrissur.

Authorities have frozen the bank accounts of the accused and initiated steps to identify and attach their assets. A raid at the company’s Pathadipalam office led to the seizure of several documents relevant to the investigation.

The trio was produced before the Judicial First Class Magistrate Court in Kalamassery, which remanded them to judicial custody at Kakkanad jail . Police said they will seek custody for further interrogation as the probe continues.

Officials suspect the scam may involve a wider network and additional financial irregularities, and further arrests are not ruled out.