Accused in Kannur Urban Nidhi case found dead

Shyju Thachoth, former branch manager and accused in multiple investment fraud cases linked to Kannur Urban Nidhi Limited, was found hanging at his residence in Chovva Kizhuthalli on Saturday (September 6, 2025).

The police said Shyju faced over 50 cases involving fraud worth crores, most registered during his tenure.

They added that Urban Nidhi owners K.A. Gafur and Shoukatthali had allegedly used employees to collect deposits promising 12% profit. Investors reportedly did not receive their principal or interest even after maturity, and the accused allegedly fled with over ₹500 crore.

Though Shyju had been remanded in some cases, he was later released on bail. The body was shifted to Kannur District Hospital for examination.

(Assistance for overcoming suicidal thoughts is available on the State’s health helpline 104, Sneha’s suicide prevention helpline of Maithri - 0484-2540530, Thanal Suicide Prevention Centre - 0495-2760000 and Direction Interventions System for Health Awareness (DISH)- 1056)