NCS Group denies receiving ₹2.5-crore investment from Sabarimala senior Tantri Rajeevaru

Sabarimala senior Tantri (chief priest) Kandararu Rajeevaru, indicted by the High Court-appointed Special Investigation Team (SIT) in the alleged gold theft case, has not invested money in our company, said N.M. Raju, proprietor of the Nedumparambil Credit Syndicate (NCS) Group, Thiruvalla, which is facing investigation by the Directorate of Enforcement (ED) under the Prevention of Money Laundering Act (PMLA).

The denial comes in the wake of accusation by Communist Party of India (Marxist) [CPI(M)] leader from Pathanamthitta K.P. Udayabhanu that the Tantri had deposited ₹2.5 crore in the NCS Group. He had further accused that the Kerala Congress (M)’s MP from Pathanamthitta Anto Antony had borrowed ₹2.5 crore from the same institution and that the SIT is investigating the financial dealings between the Tantri and Mr. Antony as well.

Addressing a press conference here on Saturday, Mr. Raju said he had never met the Tantri or his family members. He said he has no idea why Mr. Udayabhanu made such a statement. “One thing I can say very clearly is that Jose K. Mani (KC(M) chairperson) is not someone who participates in such conspiracies,” he said.

Mr. Raju alleged that during the 2019 Lok Sabha elections, Mr. Antony’s wife visited his office and house several times saying that his campaign was struggling owing to lack of funds. “During different stages of the campaign, Mr. Antony borrowed ₹2 crore from our company,” he said.

“I have no obligation to protect Mr. Antony. He promised to repay the loan within two months. It is almost seven years now. We have repeatedly asked him to return the money, even pleading with him. At one point, my daughter went to his house and explained that we were in a severe financial crisis and needed help. Yet he did not repay the loan,” Mr. Raju alleged, adding that so far, Mr. Antony had returned only ₹20 lakh in two instalments of ₹10 lakh each.

Charges against NCS

NCS Group is being investigated by ED for allegedly cheating depositors by collecting funds on the promise of high returns. Preliminary findings revealed that several depositors across Kerala were persuaded to invest substantial sums, which were neither repaid nor yielded the promised returns. Analysis of bank accounts linked to NCS Group entities indicated large-scale financial transactions, diversion of funds to related entities, and significant cash withdrawals. Investigators also suspect that portions of the funds were invested in immovable properties across the State, according to a statement by the agency.

Anto Antony’s denial

Mr. Antony, meanwhile, has dismissed Mr. Raju’s allegations. Speaking to mediapersons, Mr. Antony admitted that he had borrowed money from Mr. Raju during the 2019 election period and said that the amount was repaid within two months. However, he declined to disclose the exact sum borrowed, despite repeated questions from reporters.

“Mr. Raju, who was the treasurer of the Kerala Congress at the time, helped me. Without such support, no Congress candidate can face an election,” Mr. Antony said. “He is now with the LDF and if he has any claims regarding outstanding dues, he is free to pursue them through legal means,” the MP added.