Published Oct 29, 2026 | 10:59 AM ⚊ Updated Oct 29, 2026 | 10:59 AM
R Premkumar, chairman of the Bharat Lajna Multi-State Housing Cooperative Society.
Synopsis: R Premkumar, chairman of the Bharat Lajna Multi-State Housing Cooperative Society (BLM), was arrested in Chennai by the Kozhikode Crime Branch’s Economic Offences Wing in connection with an alleged ₹5,000-crore financial fraud, ahead of a scheduled hearing in the Kerala High Court. The society is accused of luring investors, including retirees, with promises of high returns, but several depositors could not withdraw their money after their schemes matured.
R Premkumar, chairman of the Bharat Lajna Multi-State Housing Cooperative Society (BLM), was arrested in Chennai by a team of the Economic Offences Wing (EOW) of the Kozhikode Crime Branch in connection with an alleged ₹5,000-crore financial fraud.
The arrest comes ahead of a scheduled hearing in the Kerala High Court on allegations against the society. After his arrest, Premkumar complained of physical discomfort and was admitted to Nungambakkam Government Hospital in Chennai.
Established in Chennai in 2006 under the Multi-State Co-operative Societies Act, 2002, BLM was initially set up for land and housing development. It later expanded into retail, media and energy, drawing scrutiny over alleged financial irregularities and unauthorised business activities.
Investigators allege that the society attracted investors, including retirees, by promising high interest rates and substantial returns. Several depositors were subsequently unable to withdraw their money after their investment schemes matured.
The society’s management is accused of misappropriating depositors’ money and diverting funds to personal accounts, family members and other business ventures.
The allegations have prompted complaints from depositors. The Enforcement Directorate has also registered an Enforcement Case Information Report (ECIR) to investigate suspected money laundering and hawala transactions.
(Edited by Dese Gowda)
