Popular Finance scam: Move to attach assets of accused to reimburse investors
Pathanamthitta: Efforts are being made to attach the assets of the accused in the Popular Finance scam. The move is to auction or sell the assets of the accused in order to reimburse the investors who faced losses.
Though the investigation is progressing in the case, the state Home department move aims to mitigate the losses faced by the investors.
An order issued by the Home department directed to identify the assets of the accused. The order has been issued based on central regulations. Sanjay M Kaul IAS has been appointed in-charge of this operation.
Police had arrested owners of Popular Finance Thomas Daniel, his wife Prabha and their children Rinu, Reeba and Riya. It was found that the accused had assets worth Rs 125 crore.
The accused owns properties in 21 areas across the country. They own 48 acres of land in three areas in Tamil Nadu, 22 acres of land in Andhra Pradesh, 3 villas in Thiruvananthapuram, luxury flats in Kochi and Thrissur and an office building at Pooyappally in Kollam district.