KOZHIKODE: The Tycoon Empire International, the company involved in the money chain fraud at Vadakara and Payyoli, approached media houses in the city to clear the air about their stance on the issue on Tuesday. Police have also confirmed the same.“We have received several reports that the company has approached many newspapers to publish their stance. The company officials are now accusing the police of tainting the reputation of the company,” said Vadakara crime detachment DySP K P Kuberan Namboothiri. “We have received information that the company was trying to placate the public and make them believe that the company was not involved in any fraud,” he said. “Tycoon’s major claims are that they are a legally registered firm and has received the ISO accreditation. They also claim that they have been paying tax regularly. However, these points do not lessen the fraud,” the DySP explained. “Anybody can register a company but that is not a permission to do business illegally. Besides, those points are not valid enough to be excluded from law. The money chain itself is a criminal case and they were doing it in the name of marketing products,” he pointed out. The company officials are claiming that they were doing multi-level product marketing and not the money chain business. “However, as far as the information we have received they have not sold even a single product,” he said.“Even after the Rs 100-crore scam is unearthed, some investors still believe that they would receive the return.“So the company is now trying to build on this trust,” he said. “We are conducting extensive search for the accused. The case needs an in-depth investigation. We will be able to arrest them soon,” he explained.
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