Thrissur man involved in Kerala financial scam found jailed for fraud in UAE

Thrissur Businessman Involved in Multi-Crore Financial Scam Found in UAE Jail

Fraudster Behind Massive Investment Scam Arrested in UAE

Sharjah/Kalpetta: A Thrissur native, Shihab Sha, wanted by Kerala Police for orchestrating a large-scale financial scam, has been discovered in a UAE central jail, where he is incarcerated for another fraud case.

Shihab, who lives in Venkitangu, Thrissur, was taken into custody by UAE officials and is presently being held in Al Ain Central Jail. He had been running companies in Wayanad, Kerala, under the names Kenza Holding and Kenza Wellness. Approximately ₹400 crore has been lost as a result of his fraudulent operations, which spread throughout other UAE districts and even to nations like Georgia.

Lavish Business Fronts Used for Fraud

Businesses such as Dubai’s Armani Clinic and Armani Poly Clinic, which were utilized to entice investors, were at the center of Shihab’s fraudulent operations. He enticed people to invest in hospitals, resorts, and opulent villa projects, only to abandon them in the middle and start new businesses in the same places, trapping additional people.

His activities went beyond Dubai to Sharjah, Ajman, and Abu Dhabi, where he deceived many local and expatriate Malayalis with false promises of large returns. According to reports, Malayali investors in the UAE alone were defrauded of at least ₹200 crore.

Real Estate and Healthcare Scams in Kerala

In India, Shihab has been engaging in fraudulent activities for a number of years. Launching the “Royal Meadows” tourism project in 2015, next to Wayanad’s Banasura Sagar Dam, he assured investors that villa rentals would yield ₹25,000 per month. Nevertheless, the project never came to pass, leaving investors with undeveloped real estate.

With a new investment plan, he reappeared in 2019 and claimed to be establishing an Ayurvedic hospital in Wayanad. In addition to erecting two structures, he gathered further funding. But because of their violations of Wayanad’s Disaster Management Authority standards and lack of appropriate licenses, the local panchayat revoked these structures’ occupancy certificates.

Several investors, unable to recover their money, have since filed civil cases against Shihab in courts in Sultan Bathery and Kalpetta.

Arrest and Legal Proceedings

After evading law enforcement for years, Shihab was arrested in Sharjah on February 17 and later transferred to Abu Dhabi. He was under a lookout notice from the Kerala police, but he has since avoided going to India.

Those impacted by his scams in India and the Gulf area now have fresh optimism that justice will be served after his arrest in the United Arab Emirates. To hold him responsible for his actions, the authorities are anticipated to pursue additional legal measures, such as extradition.