Pathanamthitta Collector P.B. Noohu on Friday issued a directive to close down all branch offices of Popular Finance Limited and its affiliates in Pathanamthitta and attach all assets, including cash and gold, kept in these offices.
The order, which follows directives from the Kerala High Court and the government, invokes Section 4 of the Financial Institutions Act, 2013 to protect the interests of investors.
It also seeks to prohibit transfer of any asset and freeze all accounts maintained by Popular Finance or its partners in all financial institutions, including cooperative banks and chit funds.
Accordingly, the Collector directed the District Police Chief to close down and seal all buildings owned by the firm and produce the keys, besides providing security to these offices, if required.
Further, the District Registrar was directed to take all necessary steps to prohibit the transfer and alienation of immovable property owned by the fraud-hit financial institution.
Directives were also issued to the District Lead Bank Manager, Joint Registrar of District Cooperative Societies, and other financial institutions in the district to take necessary steps to freeze all accounts of Popular Finance and allied institutions.
The Pathanamthitta Regional Transport Officer was also directed to provide details of motor vehicles owned by the firm or its associates to prevent the transfer of listed vehicles. Similarly, the District Subdivisional Magistrate and tahsildars have been directed to provide details of immovable property owned by the financial institution.
To ensure compliance with the instructions, the Collector has also called for action taken reports from the officials concerned on a weekly basis.
