From ₹99 Lakh Crypto Fraud Case to ₹100 Crore Allegations, Pressure Mounts on Subhash George

Kochi: Subhash George Manuel, owner of the Kochi Blue Tigers cricket team and a film producer, is facing a police investigation over an alleged cryptocurrency fraud.

The Karukachal police in Kottayam district registered a case based on a complaint filed by Malayalis residing in the United Kingdom. The complaint alleges a financial loss of around ₹99 lakh. Police are examining the cryptocurrency transactions mentioned in the complaint, the source of the funds and their subsequent use.

The matter has gained wider attention because Subhash George has also been accused of a much larger financial fraud. According to reports, allegations dating back to 2014 claim that people from different countries were allegedly defrauded of around ₹100 crore. The complainants have alleged that financial activities were operated from the UK to attract people towards investments, following which disputes arose over the money deposited by investors.

Cryptocurrency and Mobile App Used to Attract Investors

According to the complaint, a cryptocurrency was allegedly created along with a mobile application associated with it. The platform was allegedly used to attract potential investors. The complainants claim that people were encouraged to invest in the cryptocurrency on the basis of its potential returns and other promises, but later suffered financial losses.