Thrissur: T.A. Sundar Menon, Padma Shri awardee and Chairman of Heaven’s Finance, was taken into custody by Kerala Police’s crime branch on Sunday morning. The arrest followed a complaint from 18 individuals who alleged that Menon’s firm had failed to return their deposits. The businessman is accused of defrauding investors of ₹30 crores by promising to double their money after five years.
Investors reported that they had invested substantial amounts in Heaven’s Finance and Heaven’s Nidhi Company. However, the companies subsequently refused to pay both interest and principal, even denying returns to those facing terminal illnesses, according to the distressed depositors.
The police investigation revealed that while the firm initially claimed to be based in Jammu, it was found to operate only from four branches in Kerala, with no actual office in Jammu. Following the complaints, Menon was summoned to the City Commissioner’s office and subsequently arrested.
Approximately 300 investors had lodged complaints against the firm at various stages. A petition was filed in the High Court, and the firm was closed months ago. Additionally, the institution was ordered to be confiscated under the Banning of Unregulated Deposit Schemes (BUDS) Act.
