The probe into the alleged duping of depositors by Popular Finance at Vakayar, Pathanamthitta, took a new turn on Friday with the two daughters of the prime accused landing in police custody.
Officials said Rinu Mariyam Thomas and Riya Ann Thomas, the two daughters of Thomas Daniel, managing director (MD), Popular Finance, had been apprehended while attempting to flee the country from the IGI airport in New Delhi. The duo, who had reached the airport to board a flight to Australia, were apprehended based on a Look Out Circular (LOC) issued by the police.
A team led by Konni Station House Officer P.S. Rajesh reached Delhi and will bring them to Pathanamthitta upon obtaining a transit warrant. The police had earlier issued LOC against eight persons, including Mr. Daniel, his wife Prabha and two daughters.
The police said the company had collected deposits worth around ₹2,000 crore from about 1,600 customers within and outside the country. The police had so far received about 400 complaints against the company.
According to K.G. Simon, District Police Chief, the accused had been booked under IPC Sections 406 (criminal breach of trust), 420 (cheating) and 34 (acts done by several persons in furtherance of common intention).
The fraud first came to light a couple of weeks ago when the Konni police, based on a complaint, registered a cheating complaint against Mr. Daniel for failing to repay the deposits collected. As the number of complaints began to grow, the accused went into hiding after shutting down the registered office of the company at Vakayar.
Amidst protests by the depositors and investigation by the police, Mr. Daniel moved an insolvency petition in the Pathanamthitta subcourt. The court is slated to consider the case on September 7.
Popular Finance has been into the business of gold loans and taking deposits from people since 1965. The company has around 300 branches within and outside the State.
Meanwhile, a subcourt in Pathanamthitta here on Friday attached the head office of the company at Vakayar. The action followed a petition moved by K.V. Suresh, one of the depositors.
Earlier in the day, hundreds of depositors, who had gathered at the registered office of the company, staged a protest seeking action against the company owners.
