In a landmark ruling, the Special PMLA Court in Ernakulam has ordered the transfer of assets worth Rs 65.07 crore, previously attached from the Popular Group of Companies, to the competent authority under the Banning of Unregulated Deposit Schemes (BUDS) Act, 2019. The decision, pronounced on February 10, 2026, marks a significant step towards compensating thousands of defrauded investors.
The Enforcement Directorate (ED) had provisionally attached these properties on September 17, 2021, and December 29, 2021, with the attachments later confirmed by the Adjudicating Authority. These actions stemmed from an ECIR related to scheduled offenses under IPC sections including 120B (criminal conspiracy), 420 (cheating), and provisions of the BUDS Act.
Popular Group, along with its promoters like Thomas Daniel, Praba Thomas, Rinu Mariam Thomas, Reba Mary Thomas, Ria Ann Thomas, and others, stands accused of orchestrating massive fraud through unregulated deposit schemes. Investors, numbering in thousands, were duped of hundreds of crores. ED arrested Thomas Daniel and his daughter Rinu Mariam Thomas in 2021, filing prosecution complaints in 2022 and 2023.
Acting on directives from the Kerala High Court in December 2024, the BUDS authority approached the Special Court under PMLA Section 8(8). With no objections from ED, the court approved the transfer, emphasizing the shared victim pool under both laws. This move ensures proper valuation and distribution to genuine depositors.
The assets will now go to the Kerala government’s competent authority, represented by the Ernakulam District Collector, for further proceedings under BUDS Act. Objections from the accused remain open for consideration by the authority. This ruling underscores judicial commitment to victim restitution in financial fraud cases, offering hope to those who lost their savings.