By Vishwanath Mannarakkal
P.P. Moideen Koya, the founder and managing director of Koyenco Group, is embroiled in a bitter family dispute. He has approached the police with serious allegations that his two sons have fraudulently seized 70% of his shares. According to his complaint, this misappropriation occurred while he was struggling with Parkinson’s disease. He claims that during this vulnerable time, fraudulent signatures and documents were created, and his fingerprints were used without his consent, leading to the loss of assets valued at around ₹200 crore.
Moideen Koya has also reached out to the company registrar, seeking to reverse these share transfers.
The situation has escalated, with the City Police Commissioner and Elathur police registering a First Information Report (FIR) against Moideen Koya’s younger sons, along with the company secretary and an assistant. The police are investigating serious charges under various sections of the Indian Penal Code, including cheating and forgery. There are plans for the case to be handed over to the Crime Branch for a more in-depth investigation.
Moideen Koya, who lives with his eldest son Aashiq at their home on Vellayil Konad Beach, recalls that he once held 70% of the shares—68,500 in total—across five major companies, distributing 10% each to his three sons. However, after falling ill in 2019, he believes his shares were taken without his knowledge.
In his effort to provide for his family, he had given each of his sons land and houses in Kozhikode. However, during his treatment at a facility in Wayanad, he claims he was manipulated into signing various documents by those he trusted. He alleges that after being discharged from the hospital against his will, he was taken home and pressured into signing numerous papers, with his fingerprints used fraudulently. He emphasizes that, despite his sons’ spouses being added to the company’s board, he never consented to those changes.
As the police investigation unfolds, authorities are treating the matter with urgency, diving deeper into the troubling allegations.
Legacy in Jeopardy: Moideen Koya and Sons Accused of Betraying Partner Ussan
Moideen Koya founded Koyenco in partnership with Calicut-based businessman Padinjare Veettil Ussan. However, sources suggest that Ussan and his family may have been misled by Moideen Koya and his sons, resulting in the loss of significant company assets. While 50% of the shares belonged to Ussan, it appears that Moideen Koya’s sons have taken control of that wealth. Additionally, the very individuals who allegedly deceived their father now face legal issues, having encumbered the Ussan family with debt-ridden properties, leading to further complications for them. This situation has become widely known in Calicut, with one senior businessman remarking anonymously, “They ultimately betrayed their own family.”
As Koyenco’s various business interests in the Gulf region come under scrutiny, the police have launched an investigation into the company’s origins and the troubling circumstances surrounding its foundation. As this family saga continues to unfold, many are watching closely to see how it will resolve.
