3 months ago
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The Special Court for cases nether the Prevention of Money Laundering Act (PMLA) successful Ernakulam has ordered the restitution of attached properties valued astatine ₹65.07 crore successful the lawsuit related to the Popular Group of Companies nether the Banning of Unregulated Deposit Schemes (BUDS) Act.
The properties, movable assets worthy ₹33.20 crore and immovable assets worthy ₹31.87 crore, were attached by the Enforcement Directorate (ED) successful transportation with a lawsuit registered nether IPC Sections 120B, 420, 406, 409, 471, and provisions of the BUDS Act, 2019, connected September 17, 2020. The lawsuit progressive alleged large-scale cheating of depositors by the Popular Group of Companies and its promoters/directors/partners, namely Thomas Daniel, Prabha Thomas, Rinu Mariam Thomas, Reeba Mary Thomas, Ria Ann Thomas, and others, according to a communication.
A prosecution ailment nether Sections 44/45 of PMLA was filed connected April 30, 2022, followed by a supplementary ailment connected July 31, 2023. The ED had arrested 2 main accused, Thomas Daniel and Rinu Mariam Thomas, connected August 9, 2021.
The competent authorization nether the BUDS Act approached the Special PMLA Court nether Section 8(8) of the Act, pursuing directions issued by the Kerala High Court connected December 17, 2024. The ED submitted nary objection to the request, enabling expeditious restitution to genuine depositors and victims.
While allowing the petition, the Special Court observed that the interests of the affected depositors indispensable beryllium protected and that the transportation would alteration the BUDS Authority to adjudicate and administer the assets equitably. The objections raised by the accused person been kept unfastened for adjudication earlier the BUDS Authority, it said.
The properties volition present beryllium handed implicit to the competent authority, Government of Kerala (Secretary, Home department), represented by the District Collector, Ernakulam, for further proceedings nether the BUDS Act.
