New Delhi, Dec 29 (SocialNews.XYZ) The Enforcement Directorate (ED) on Wednesday said it has attached assets worth Rs 33.84 crore of the Kerala-based Popular Finance group and its promoters under the Prevention of Money Laundering Act (PMLA) for cheating 3,000 depositors to the tune of around Rs 1,000 crore.
In September this year, the ED had attached assets worth Rs 31.16 crore of the Popular Finance group.
The total attachment of properties in the case has reached Rs 65 crore.
"The attached assets include 11 immovable properties consisting of land and building in Kerala, gold weighing 11.85 kg pledged by the public, which was re-pledged in the name of the promoters and staff of Popular Finance group, 19 fixed deposits of promoters, cash of Rs 3.79 crore, balances in 208 bank accounts of Popular Finance group entities and its promoters and 291 treasury deposit accounts," said an ED official.
The ED initiated money laundering investigation on the basis of FIRs registered by Kerala Police.
"Kerala Police registered more than 1,300 FIRs in various districts and as per the FIRs, about 3,000 depositors have been cheated to the tune of around Rs 1,000 crore," said an ED official.
The money laundering investigation of ED has revealed that Popular Finance and allied entities are family controlled business and Thomas Daniel and Rinu Mariam Thomas were controlling the entire business, spread across 270 branches in Kerala and other states of India.
The deposits taken from general public were illegal and without any statutory permission from any regulatory agencies like the RBI. The hard-earned money of the general public, mobilised as deposits by luring them of high interest rates, have been illegally utilised for purchase of properties and high end cars, parked as fixed deposits in the name of family members and also got remitted abroad for non-viable and sham business enterprises.
The company had no viable business to sustain the promise of higher interest to depositors.
They were paying interests and matured amount out of deposits taken from the general public. The gold pledged by the general public were re-pledged for availing loans and the loan proceeds got routed to personal accounts of the family.
In August this year, the ED had arrested Thomas Daniel and Rinu Mariam Thomas for playing active role in disposing of proceeds of crime. Thomas Daniel is still in judicial custody.
Further investigation in the matter is underway
Source: IANS
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