The police have uncovered further details about the murder of 82-year-old retired BSNL assistant manager C. Pappachan in Kerala’s Kollam. The prime suspect, Saritha, a manager at a local financial institution, allegedly devised a scheme to swindle all of Pappachan’s money and savings.
Fraudulent scheme and financial details
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Pappachan, who retired 20 years ago, was a shrewd investor, managing his finances wisely by trading in the stock market. Despite his considerable wealth, he led a simple life. Just a month before his death, Pappachan sold shares worth Rs 50 lakh through India Infoline Share Trading (IIFL), located near Jawahar Bala Bhavan. According to the police, the entire amount was deposited into the private financial institution where Saritha was the manager.
Pappachan also had accounts with Punjab National Bank and South Indian Bank. Investigations are ongoing to determine the remaining balances in these accounts and the value of the shares he still owned. He possessed assets worth over Rs 3.5 crore, including a two-storey house near Sankars Hospital in Kollam. The police found two 20-page cheque books bearing Pappachan’s signature in Saritha’s possession.
Allegations against Saritha
Saritha allegedly lured Pappachan to her financial institution with promises of higher interest rates and attractive investment incentives. The police believe that Pappachan, who had appointed a successor only in a share company, was deceived into investing in a fixed deposit with Saritha’s firm. The Nidhi licence system and the non-requirement of mentioning successors in Non-Convertible Debentures (NCDs) enabled Saritha to embezzle Pappachan’s funds.
Saritha’s personal life
Reports indicate that Saritha frequently shifted residences within different regions of Kollam, living in rented houses with her parents and son. She was not close with others and had also lived in Thiruvananthapuram for a short period. According to the police, Saritha was born and brought up in Kollam and was married twice. She used to live in Peroorkada for a while and is reported to have worked at the Kavanad branch of a private financial institution.
Saritha secured a job in a private financial institution while practising under a lawyer in Kollam. At that time, she was residing in Lakshmi Nada, which is also listed on her Aadhar card.
“Pappachan was a genius when it came to earning and making profits. He was known for his simplicity and for using his wealth wisely,” remembered K. Sukumaran Nair, a retired BSNL Sub-Divisional Engineer.
“He was known for riding his bicycle around town. He used to feed around 30 stray dogs every morning and evening. Every Sunday, he was a regular at church, and in his free time, he visited the stock exchange office near Jawahar Bala Bhavan,” Sukumaran added.
Pappachan, who lived a remarkably simple life, began his career in 1964 as a telegrapher at the Central Telegraph Office (Kambithapal Office). He later passed the departmental exam to become a junior telecom officer and retired in 2002 as Assistant General Manager from the BSNL office in Vellayittambalam.
He purchased ten cents of land in the heart of the city and built a modest two-storey house. By working night shifts, he attended Fatima College during the day to complete his B.Sc. in Physics.
Pappachan married Matilda, a school teacher at Mulamkadakam High School and Kollam Boys High School. Later, he purchased land near Sankars Hospital and built a house. Their daughter, Rachel, graduated with an M.Sc. in Nursing and worked as a teacher in Thiruvananthapuram before moving to Lucknow after her marriage.
