Stiff bail term for Bizarre CEO

KOCHI: The chief executive officer of Bizarre Business Corportation, the money chain company that allegedly siphoned off Rs 55 crore from the public, was asked to furnish bonds worth Rs 2.4 crore for availing bail by the Kerala high court on Friday. Justice N K Balakrishnan ordered the CEO, K T Gopinathan, to furnish bonds for Rs 50,000 as well as bonds by two more persons for Rs 50,000 each to secure bail in each of the 161 cheating cases pending against him.
Abdul Arshad, MD, Bizarre group was arrested earlier. It was found that Gopinathan, a sub-inspector of the Thrissur armed reserve police camp, was acting as the CEO of Bizzarre. Bizarre operated by collecting amounts ranging from Rs 5,500 to Rs 14,250 as membership fee, while enrolling in the company’s super market project cost investors Rs 8,750 for 8,000 shares.