Accused in Popular Finance scam in Kerala amassed property using money of depositors, ED tells special court
The Hindu
The exact trail of utilisation of funds was not divulged by the accused during the interrogation and hence the custodial interrogation of the two accused was essential, the agency argues
Thomas Daniel, managing partner of the Popular Finance Group, purchased properties in Kerala, Tamil Nadu, Karnataka and Andhra Pradesh worth several crores of rupees using the money of depositors, the Enforcement Directorate (ED) told the special court for Prevention of Money Laundering Act cases here on Wednesday. The other accused in the case is his daughter and company chief executive officer Rinu Mariam Thomas. The payments for the purchase of holdings were made through cheque, bank transfer, demand draft and cash. All the money came from the public deposits in the Popular Finance bank accounts. The exact trail of utilisation of funds was not divulged by the accused during the interrogation and hence their custodial interrogation was essential, the agency argued.
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