Kozhikode: R Premkumar, chairman of the Chennai-based Bharath Lajhna Multi State Housing Co-operative Society Limited (BLM Society), was granted bail by a court in Keralam on Friday in an alleged fund diversion case.
Premkumar was granted relief by the Judicial Magistrate Court in Kozhikode. He had been arrested by the Economic Offences Wing of the Crime Branch from his residence in Chennai on Thursday.
The case against Premkumar followed a complaint filed by a Kozhikode resident alleging financial irregularities at the society.
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BLM Society is a multi-state cooperative society headquartered in Chennai, with operations in Keralam and Puducherry.
According to a PTI report, Premkumar had issued a clarification claiming that the society was functioning properly and regularly repaying depositors the principal and interest on their deposits.
Last month, he lodged a complaint with Keralam Chief Minister VD Satheesan and Home Minister Ramesh Chennithala, alleging that a false campaign was being run against the society.
Premkumar has also approached the Kerala High Court to challenge the case. The matter is scheduled to be heard on 29 November.
