Money chain fraud: One held, two booked

KOZHIKODE: In what appears to be another money chain fraud involving huge sums of money, the Kozhikode Town police, on Wednesday, arrested one man and registered case against two other persons of the Mass Value Insurance Consultancy functioning on the SM Street here.Mohammed Hassan, branch manager of the Mass Value Insurance Consultancy, is the one arrested following complaints from people alleging financial fraud. The police, in the preliminary investigation have found fraud worth Rs 26 lakh committed in the past six months by the company. With regard to the incident, the police have also registered a case against Ritul Ravi and Nishad, who have been working as the agents of the company. Mohammed Hassan is charged with cheating and dishonestly inducing delivery of property under IPC section 420 and has been remanded for 14 days by the First Class Judicial Magistrate Court. Mass Value Insurance Consultancy was a corporate agent of a national-level private insurance company with its headquarters in Coimbatore.