BLM Credit Society Chairman R Premkumar Held in Chennai Over Alleged Fund Diversion

The Crime Branch of Chennai has taken BLM Credit Society chairman R Premkumar into custody on Thursday from his residence in connection with an alleged fund‑diversion case. The probe centres on claims that depositors’ money was used to purchase private properties such as resorts, theatres and hotels in Kerala and Chennai.

Premkumar, who complained of physical discomfort, was taken to a government hospital in Nungambakkam. He is expected to be transferred to Kozhikode after doctors assess his condition.

BLM Credit Society, formally Bharath Lajhna Multi State Housing Co‑operative Society Limited, is a multi‑state cooperative headquartered in Chennai with operations in Kerala and Puducherry. The case was registered at the Nadakkavu police station following a complaint by a Kozhikode resident alleging financial irregularities. The complaint was later withdrawn, but the Crime Branch decided to continue the investigation based on its initial findings.

Investigators have found that a large amount of money was diverted from the institution. Premkumar has approached the Kerala High Court to challenge the case, with the matter scheduled to be heard on November 29.

Premkumar has previously stated that the society regularly repays principal and interest to depositors and that they have not faced any inconvenience. He also alleged that certain individuals were attempting to undermine the institution. Last month he lodged a complaint with Chief Minister V. D. Satheesan and Home Minister Ramesh Chennithala, claiming a false campaign was affecting BLM Society’s operations.

The Crime Branch continues its investigation into the alleged diversion of depositors’ funds while Premkumar remains in hospital awaiting medical assessment before a likely transfer to Kozhikode.