A decisive verdict from Ernakulam Special PMLA Court has redirected Rs 65.07 crore assets seized from Popular Group to the BUDS Act’s competent authority. Dated February 10, 2026, the order under PMLA 2002 facilitates restitution for investors cheated in the company’s unregulated schemes.
ED initiated attachments in late 2021, upheld by adjudicators, tied to an ECIR invoking IPC 120B, 420, 406, 409, 471, and BUDS provisions. The fraud implicated Popular Group’s promoters—Thomas Daniel, his wife Praba, daughters Rinu, Reba, Ria—and associates in a massive depositor scam worth hundreds of crores.
Post-arrests in 2021 and complaints filed through 2023, the BUDS authority, guided by Kerala High Court (WP(C) 22221/2024), filed under PMLA Section 8(8). ED’s non-opposition cleared the path.
Judges noted overlapping victims across statutes, mandating asset handover for fair evaluation and payout. The Kerala authority, headed by Home Secretary and executed by Ernakulam Collector, will handle distributions. Accused objections stand referred.
Beyond immediate relief, this case exemplifies legal synergy in tackling economic crimes, potentially setting precedents for similar probes. Investors’ perseverance has yielded tangible progress.