Accused in multi-crore Kannur Urban Nidhi scam found dead

Kannur (Kerala), Sep 6 (PTI) An accused in the multi-crore Kannur Urban Nidhi Ltd investment scam was found dead at his residence in Thazhe Chovva in this district on Saturday, police said.

The deceased was identified as Shyju Thachoth (42), a native of Keezhuthally in Thazhe Chovva.

He was found hanging in his bedroom early in the morning. Though relatives rushed him to a nearby hospital, doctors declared him dead, they said.

Shyju, a former manager, was one of the accused in the case involving Kannur Urban Nidhi, a financial firm that collected deposits from the public, promising 12 per cent interest.

But the firm allegedly failed to return either the interest or the principal, they added.

Over 50 cases were registered against the firm’s owners, K A Gafur and Shoukat Ali, along with Shyju. All three had been arrested earlier and they are out on bail. The Crime Branch is probing the cases.

The body was handed over to relatives after the postmortem, police added. PTI TBA ROH