New Delhi: The Enforcement Directorate (ED) on Friday stated it has connected belongings value Rs 31.16 crore of a Kerala-based financing group and its promoters in a cash laundering case linked to alleged duping of buyers to the tune of Rs 1,000 crore.
Twenty-three immovable properties, together with land and buildings situated in Kerala, Tamil Nadu and Andhra Pradesh, 32 kg of depositors’ re-pledged gold stored in 1,132 banks accounts,18 luxurious automobiles resembling Mercedez Benz, Toyota and so forth., 23 mounted deposits of promoters of the Fashionable Finance group, and 732 present accounts have been connected as a part of a provisional order issued beneath the Prevention of Cash Laundering Act (PMLA).
The ED stated as many as 1,300 FIRs had been filed by the Kerala Police in numerous districts on this case and “about 3,000 depositors had been cheated to the tune of round Rs 1,000 crore.”
“Fashionable Finance and allied entities are family-controlled enterprise and Thomas Daniel and Rinu Mariam Thomas (father and daughter duo) had been controlling all the enterprise, unfold throughout 270 branches in Kerala and different states.”
“The deposits taken from basic public had been unlawful and with none statutory permission from any regulatory businesses like RBI,” the ED stated in an announcement.
The hard-earned cash of basic public, mobilised as deposits by luring them of excessive rates of interest, have been “illegally utilised for buy of properties and high-end vehicles, parked as mounted deposits within the identify of members of the family and in addition acquired remitted overseas for non-viable and sham enterprise enterprises.”
It alleged that the corporate had no viable enterprise to maintain the “promise of upper curiosity” to depositors.
“They had been paying pursuits and matured quantity out of deposits taken from basic public solely. The gold pledged by most of the people had been re-pledged for availing loans and the mortgage proceeds acquired routed to private accounts of the household,” the company claimed.
Thomas Daniel, managing director of the corporate, and chief government officer Rinu Mariam had been arrested by the ED in August and they’re in judicial custody at current.