Kerala

BT Priyanka fraud case: IAS Aspirant turned into cheating business

Unveiling the Deception: From Dreams of Public Service to Allegations of Fraudulent Schemes

Residents of Malainkeez are shocked. BT Priyanka (29) came to Ernakulam for IAS coaching. In a fraudulent stock market trading case, she’s remanded for embezzling over three crore rupees. Residents also attest that Priyanka’s luxury led a life of deception under the guise of an unrecognized stock market trading company. According to the police, the accused misappropriated funds in the name of a trading company which did not have SEBI approval or proper registration.

Priyanka was involved in a case of cheating where she collected more than three crores from numerous individuals by promising dividends through stock market trading. A police team led by Sub Inspector CR Aravindan of Thiruvambady Police station arrested Priyanka in Ernakulam. The action was based on a complaint filed with the Thiruvananthapuram police regarding fraud of Rs 25 lakhs. People were deceived by claims of a trading business establishment in Kochi’s Kadavanthra area.

Crores of rupees were obtained from sixteen individuals both within and outside Kerala. Priyanka was leading a luxurious lifestyle with ill-gotten funds. Multiple cases are pending against her at various police stations, including Thiruvananthapuram Medical College, Karamana, and Kadavanthra. The Thamarassery Judicial Magistrate Court remanded the accused. Priyanka committed multi-crore trading fraud under the guise of a ‘paper company.’

Priyanka’s Deceptive Lifestyle Unveiled

Priyanka, who has settled in Kochi for IAS studies, hails from the Mavarathala house in Malainkeez Valavoorkal. She would occasionally visit her hometown. Her father, Balachandran, had sent her to Ernakulam for coaching to understand her aspirations. However, her studies were cut short midway, and it is alleged that she also deceived her family members.

Three days later, Priyanka was spotted waiting for a bus at Malainkeez Junction en route to Kochi. Her father, Balachandran, was once an active Congress party member and a former INTUC leader at the airport. He withdrew from active politics after securing a job at the Government Press. Due to financial obligations, he had rented a house in Shantummoola after selling their ancestral home and five cents of cultivable land.

Family Tangled in Allegations of Fraud

Priyanka’s family resides in a rented house near Srikrishna Swamy Temple in Malainkeez. It was reported that Priyanka’s brother, BT Rajeev, works in the merchant navy. However, police claim that Rajeev, their mother Thangamani, and Priyanka’s boyfriend Shamnas are part of the fraud gang, and all three are currently in hiding. Balachandran and Thangamani live in a rented house in Malainkeez. Although the police state that Thangamani is absconding, the fact remains that she is still in the area.

Other Arrests

They were arrested by the Tiruvambadi Police in Kozhikode while on anticipatory bail in a case registered by the Kadavanthra Police. The arrest was made based on a complaint filed by a merchant navy officer from Kozhikode. Priyanka had been accepting deposits from people under the belief that there was an organization called ‘Trade Coopers’ in Kadavanthra, promising a 21 per cent profit. She had also deceived friends of merchant navy officers.

Investigations primarily focus on determining whether an organization not approved by SEBI has committed more fraud. The collection of information regarding their bank transactions has begun. The embezzled funds have been transferred to her brother’s account. They attracted people through social media advertising. Initially, a small amount would be invested in trading while making grand promises. The modus operandi involved using these profits to solicit larger investments.

Priyanka’s statement claims that the investment money handed over to someone else was not returned, and she was cheated on herself. However, the investigation team has not taken this claim at face value. A police custody application has been filed in the case.

Rohit Sharma

Rohit Sharma is a seasoned Political Journalist with a deep passion for Indian Politics. With over a decade of experience in the field, he has established himself as a trusted… More »

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