Though the Tilak Nagar police have not yet registered a complaint, they are hunting for Kuttan Pillai and his son Jaykumar, who lured at least 150 middle class investors and small businessmen from Chembur and hundreds of others from various parts of Mumbai to invest in his group finance schemes since the last 30 years.

The Pillais also operated in far-flung suburbs like Dahisar, Mira Road, Mumbra and Thane besides Panvel and Nerul in Navi Mumbai.About 25-30 distraught investors converged at the Tilak Nagar police station today, pleading with police to trace the father-son duo. Pillai, originally from Kollam in Kerala, has minted crores of rupees from his schemes that operated largely on the lines of chit funds.

Like all scamsters, hecultivated the confidence of his investors with his tailor-made schemes, which suited small businessmen in need of ready cash at short notice perfectly.

According to one scheme, Pillai divided his investors into groups of 20, with a maturity ranging between Rs 1 lakh and Rs 4 lakh. For instance, on a maturity of Rs 4 lakh, each member pays Rs 20,000 per month. Once a month, a bid is held when those in need of finance are allowed to take the total contribution for the month minus the amount discounted. The discounted money is then shared among the remaining members. The scheme-owner takes five% of the money from all members.

Though the scheme provides quick finance, officials explain the intention is to cheat the public by picking up the monthly contributions themselves on the pretext of offers from members who are absent. Pillai also allegedly bid on behalf of absent or fictitious members. ``I have lost Rs 3 lakh,'' one investor told The Indian Express. When some of Pillais' investors noticed that theduo was defaulting on payments, they confronted them. However, instead of dispelling their fears, the Pillais filed a complaint with the Tilak Nagar police in July 1998, alleging harassment by their investors.

``They gave false assurances that they would sell their flat and vast properties in Kerala to repay everyone. Then we learnt in August that the family had simply vanished,'' says an elderly N Raghavan, who cited the case of his friend who died last month waiting in vain to receive money for heart surgery.

Although they are absconding, the duo managed to sell their flat at Seagull Building to a neighbour, Prince Augustine. About 25-30 investors gathered at Tilak Nagar police station today told the police that they could get some leads on the Pillais' whereabouts by interrogating Augustine and tracing the source of his payments.

Senior Inspector, Ramesh Musale, informed an inquiry is being conducted. Meanwhile, Deputy Commissioner of Police (Economic Offences Wing) Anant Shinde has asked investorsto restrain Seagull Building society from transferring the Pillais' flat to Augustine till the probe is over.