PMLA court restores Rs 65 crore assets to victims of Ponzi fraud in Kerala

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.