Padma Shri awardee Sundar Menon, chairman of Sun Group International, was arrested on Sunday for allegedly defrauding investors of Rs 7 crore. He was remanded to judicial custody by a court in Thrissur.
According to police, Menon faces 18 cases of alleged cheating. He had allegedly accepted investment from the public on behalf of two firms – Heewan Nidhi Limited and Heewan Finance – of which he was one of the directors.
According to Thrissur City Police Commissioner R Ilango, Menon did not repay the investors upon the maturity of the schemes they deposited money in. Instead, he allegedly diverted the money.
The money totalled Rs 7.87 crore, collected from 62 people. “The assets of the firms’ directors, including Menon, have been frozen and steps have been initiated for the assets to be confiscated. Another director, Puthenveettil Biju Manikandan, who is in the City Police’s ‘rogues list’, was also arrested in the case,” the Commissioner said.
Menon, 63, is also the president of the Thrissur-based Thiruvambady Devaswom (Temple) Board.
In 2016, he was conferred the Padma Shri in the field of social work.
An NRI businessman from Thrissur, Menon has faces several cases. However, he has also been associated with several charitable causes, including the Sun Charitable Trust, the Pain and Palliative Care Society, the Autism Society, the Alpha Pain Clinic, the All India Handicapped Association, and the Renal and Kidney Welfare Foundation.
He has also received an honorary doctorate in 2015 from the European Continental Community University in the United States, and was also facilitated at the Asia Pacific Entrepreneurship Awards, 2015.
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