Breaking news from Ernakulam: The Special PMLA Court has mandated handing over Popular Group of Companies’ attached assets totaling Rs 65.07 crore to BUDS Act enforcers. This February 10, 2026, directive prioritizes defrauded depositors’ recovery amid a sprawling financial scandal.
Properties were frozen by ED in 2021 provisional orders, validated later, based on ECIR for IPC cheating, forgery, and BUDS offenses. Promoters Thomas Daniel, Praba Thomas, and daughters faced heat for luring thousands into sham deposit schemes, siphoning vast sums.
With arrests, prosecutions, and High Court nudges, BUDS authority petitioned seamlessly—ED stayed neutral to expedite justice.
Court affirmed identical aggrieved parties, enabling efficient liquidation and refunds via government channels (District Collector proxy). Defendants’ challenges deferred to BUDS.
This transfer not only accelerates victim compensation but reinforces regulatory teeth against rogue investment rackets, fostering trust in financial systems.