Kochi/New Delhi, Feb 20 (PTI) A special PMLA court in Kerala has ordered the restoration of assets worth Rs 65 crore to the victims of an alleged Ponzi scam that occurred in the state a few years ago, officials said on Friday.
They said the case involves “widespread” cheating of depositors by the Popular Group of companies and its promoters, directors and partners, including Thomas Daniel and Rinu Mariam Thomas.
The Enforcement Department (ED) booked a case under the Prevention of Money Laundering Act (PMLA) in September 2020, taking cognisance of a Kerala Police FIR.
As part of the investigation, the ED attached properties worth Rs 65.07 crore (movable Rs 33.20 crore and immovable Rs 31.87 crore) following two orders issued in 2021.
The state’s competent authority, designated under the Banning of Unregulated Deposit Schemes (BUDS) Act of 2019, approached the special PMLA court in Ernakulam for the restoration of the said assets under Section 8(8) of the anti-money laundering law following directions issued by the Kerala High Court in 2024, the officials said.
Restitution or restoration of assets to the affected parties, such as cheated banks, depositors and homebuyers, is a remedy available under the PMLA.
The ED submitted that it had “no objection” to the state’s request, which would facilitate the restitution process for the genuine depositors or victims, the officials said.
The special court, while allowing the petition, observed that the interests of the affected depositors (who are the same under both statutes) need protection and that the transfer will enable the BUDS authority to adjudicate and distribute the assets equitably.
According to officials, the objections raised by the accused persons remain open for adjudication before the BUDS authority.
Subsequently, the special PMLA court issued an order on February 10 to restitute these properties to the competent authority under the BUDS Act.
The properties will now be handed over to the Secretary of the Kerala Home Department, represented by the district collector of Ernakulam for further proceedings. PTI NES ARI
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