Billion Bees scam: 3 brothers flee with ₹150 cr after fake share scheme

Thiruvananthapuram: Hot on the heels of Kerala’s infamous scooter scam, another major financial fraud has come to light, with three brothers allegedly siphoning off ₹150 crore through a deceptive share trading scheme before fleeing the country.

The Irinjalakuda-based company, Billion Bees, run by brothers Bibin K Babu, Libin, and Subin, lured investors with the promise of high monthly returns. Investors were assured earnings of ₹30,000 to ₹50,000 per month for every ₹10 lakh invested. Initially, returns were paid on time, encouraging more people to invest. However, after a few months, payouts abruptly stopped, and reports surfaced that the accused had fled to Dubai with their families. Realizing they had been duped, investors rushed to file complaints with the police.

In a recently surfaced voice message, Subin was heard discussing the movement of black money. "The money is coming in. It can be delivered within a week. Since the inspection is underway, it can only be handled carefully," he said in the audio clip.

Billion Bees was founded in 2019 by the Irinjalakuda brothers. As investments surged, the company expanded and even established an office in Dubai. Reports suggest the accused led a lavish lifestyle, funded by the investors' money.

The Irinjalakuda police initially registered a case based on a complaint from a victim who had invested ₹1.95 crore. Many victims had invested their life savings, sold land, or parted with gold in hopes of high returns.

Currently, four cases have been registered based on multiple complaints, with 32 victims officially filing grievances so far. Authorities are now working to trace the absconding brothers, who are believed to be hiding in Dubai.