The investigation into the Popular Finance scam in Pathanamthitta has unearthed massive diversion of funds by the accused to foreign countries.
According to officials, Rinu Mariyam Thomas and Riya Ann Thomas, the two daughters of Thomas Daniel, managing director of the company, invested heavily in countries such as Australia using the money collected from the depositors. Mr. Daniel had transferred the ownership of his company to his daughters about six years ago.
The investigations also revealed that the company had been collecting deposits in the name of the various LLP companies floated by them. During an inspection at the registered office of the company at Vakayar, the police also seized several documents, including receipts pertaining to these shell companies.
The police may also seek the help of the Interpol to collect details of their investments abroad.
Meanwhile, the accused persons, including Mr. Daniel, his wife, and two daughters were interrogated in Pathanamthitta on Sunday. “The grilling session, carried out at the Armed Reserve Police camp in Pathanamthitta, focussed on locating their investments and the volume of gold received as guarantee, among other things,” said an official.
They were slated to be produced before a magistrate through videoconferencing later in the day.
Riya and Rinu had landed in police custody while attempting to flee the country from New Delhi while Mr. Daniel and his wife were arrested from their hideout near Changanassery.
As per estimates by the Pathanamthitta police, the company had collected deposits worth around ₹2,000 crore from about 1,600 customers within and outside the country. The case is being probed by a 25-member team led by K.G. Simon, District Police Chief, Pathanamthitta. South Zone IG Harshitha Attalluri supervises the probe.
