Kerala Man defrauded Rs.20 Crore using a Fake CSR Fund Scheme for Half-Priced Products:

Kerala Man defrauded Rs.20 Crore using a Fake CSR Fund Scheme for Half-Priced Products A 26-year-old man has been detained in Kerala for defrauding people of over Rs..20 crore by falsely saying he could give scooters, sewing machines, and home appliances at half the price using Corporate Social Responsibility (CSR) funds. Krishnan duped people by claiming he had access to CSR funds from big companies. He told them that these funds will be used to subsidize the cost of two-wheelers and other essential items. Many others believed him and deposited money in the hopes of receiving products at a discounted price. The police then found that no company had given him any CSR funds. The entire scheme was fraudulent. The man founded Muvattupuzha Socio-Economic Development Society and various consulting firms in his own name. He asked buyers to pay in advance for half-priced products. He spread the scam by forming 62 'Seed Societies' across Kerala and convincing members, particularly women, to deposit money. Some people were first given laptops, sewing machines, and other products, making the whole thing appear genuine. He was detained in Kochi, and various charges of cheating and criminal breach of trust have been filed against him. This is a wake-up call for the public to be aware of fraudsters who make use of CSR funds to lure people with fake discounts. Genuine CSR initiatives are managed directly by companies and do not ask individuals to deposit funds.