Special PMLA Court Delivers Justice Blow: Restores ₹65 Crore Assets to Aid Cheated Depositors in Popular Group Scam
(Judicial Quest News Network)
Ernakulam, 19, February,2026-In a landmark ruling pulsing with judicial resolve, the Hon’ble Special Court for PMLA Cases at Ernakulam, on February 10, 2026, has restituted attached properties worth a staggering ₹65.07 crore—comprising ₹33.20 crore in movables and ₹31.87 crore in immovables—to the Competent Authority under the Banning of Unregulated Deposit Schemes (BUDS) Act, 2019.
This seismic order, rooted in the ironclad provisions of the Prevention of Money Laundering Act (PMLA), 2002, marks a pivotal victory for thousands of depositors defrauded by the notorious Popular Group of Companies and its key protagonists: Thomas Daniel, Prabha Thomas, Rinu Mariam Thomas, Reeba Mary Thomas, Ria Ann Thomas, and their accomplices.
The assets, seized by the Enforcement Directorate (ED) through Provisional Attachment Orders on September 17, 2021, and December 29, 2021—later confirmed by the Adjudicating Authority—originates from ECIR No. KCZO/32/2020, triggered by heinous scheduled offences under Sections 120B, 420, 406, 409, and 471 of the IPC, alongside BUDS Act violations.
The ED’s unyielding probe exposed a web of widespread cheating, leading to Prosecution Complaints on April 30, 2022 (SC No. 392/2022) and a Supplementary on July 31, 2023. Two prime accused—Shri Thomas Daniel and Smt. Rinu Mariam Thomas—were swiftly arrested on August 9, 2021.
Prompted by the Hon’ble Kerala High Court’s directive in WP(C) No. 22221/2024 dated December 17, 2024, the BUDS Competent Authority invoked Section 8(8) of PMLA before the Special Court. The ED, ever the sentinel of public interest, raised no objections, paving the way for this expedited restitution.
In a trenchant observation, the Court affirmed that the plight of identical victims under both statutes demands paramount protection, empowering the BUDS Authority to equitably adjudicate and disburse the assets. Accused objections stand reserved for BUDS adjudication.
The properties now transfer to the Competent Authority, Government of Kerala (Secretary, Home Department, via District Collector, Ernakulam), for swift victim redressal. The Enforcement Directorate reaffirms its iron-fisted commitment to shielding investors nationwide from predatory fraudsters.
