Thiruvananthapuram: The Kerala government has handed over the investigation into alleged financial fraud worth hundreds of crores of rupees involving a Thrissur-based private financial firm to the CBI.

Official sources said the police in Cherpu in Thrissur district, which was investigating the case, have been directed to hand over all cases related to the alleged money circulation scheme run by High Rich Online Shop Pvt Ltd to the CBI.

He said the decision to recommend a CBI inquiry was taken due to the involvement of persons from other states.

As per the order issued by the government, the state police chief has recommended a CBI investigation into the alleged money circulation scheme run by High Rich Online Shop Pvt. Ltd.

The company, which reportedly collected initial payments of Rs 700 and above from individuals promising high returns, has collected an estimated Rs 75 crore through its operations.

According to the police, the scheme operates across India and has more than 1 crore members.

The official said concerns were raised about the legality and transparency of the scheme, following which the police and other central agencies had to intervene.

The government said the decision to hand over the case to the CBI was taken due to the complexity of the case as the depositors, deposit takers and properties are spread across multiple states.

Moreover, the huge sums involved require a comprehensive investigation.