Two Suspects in Muthoot Insurance Brokers Fraud Interrogated by Police

KOCHI:
The suspected individuals in the Muthoot Insurance Brokers fraud case, were interrogated by the South Police Station on 15th and 16th, commencing at 9:00 AM at the police station. Following these two days of interrogation, police have been instructed to file a report by April 22nd and refrain from making any arrests until that time. The High court had previously ordered the accused to appear before the South Police Station on April 15th and 16th, while considering the bail application.

This follows the recent disclosure by Muthoot Insurance Brokers Pvt. Ltd., a subsidiary of Muthoot Finance Ltd., regarding a substantial internal fraud involving the misappropriation of employee rewards. The alleged fraud, amounting to ₹11.92 crore, is reported to have occurred between April 2023 and November 2024. The individuals under suspicion are the company’s currently suspended Chief Executive Officer, Thomas P Rajan, and a former Chief General Manager of Business Performance (South) at Muthoot Finance, Ranjit Kumar Ramachandran. The company initiated a complaint upon discovering that its workers were not received their rewards.

An FIR has been registered by Police, and the company is fully cooperating with the ongoing police investigation. Muthoot Insurance Brokers is the insurance arm of the Muthoot Group and a wholly-owned subsidiary of Muthoot Finance Ltd., the largest gold loan NBFC in India. Muthoot Finance Ltd. offers a wide array of financial services beyond gold loans.