PMLA court orders restitution of ₹65 crore assets in Popular Group case

The properties, movable assets worth ₹33.20 crore and immovable assets worth ₹31.87 crore, were attached by the Enforcement Directorate (ED) in connection with a case registered under IPC Sections 120B, 420, 406, 409, 471, and provisions of the BUDS Act, 2019, on September 17, 2020. The case involved 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 complaint under Sections 44/45 of PMLA was filed on April 30, 2022, followed by a supplementary complaint on July 31, 2023. The ED had arrested two main accused, Thomas Daniel and Rinu Mariam Thomas, on August 9, 2021.

The competent authority under the BUDS Act approached the Special PMLA Court under Section 8(8) of the Act, following directions issued by the Kerala High Court on December 17, 2024. The ED submitted no 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 must be protected and that the transfer would enable the BUDS Authority to adjudicate and distribute the assets equitably. The objections raised by the accused have been kept open for adjudication before the BUDS Authority, it said.

The properties will now be handed over to the competent authority, Government of Kerala (Secretary, Home department), represented by the District Collector, Ernakulam, for further proceedings under the BUDS Act.