Popular Finance owner’s two daughters held at Delhi airport before fleeing to Australia; company’s assets attached

South India

A lookout notice was in place against the owners of the finance company soon after they absconded

Two daughters of Kerala’s private finance firm Popular Finance, which allegedly duped about 1,600 investors of Rs 2,000 crore, have been caught at Delhi airport while they were allegedly trying to flee the country.

The Delhi Police nabbed the daughters of Thomas identified as Rinu Mariyam Thomas and Riya Ann Thomas on Friday while they were planning to leave for Australia, said a news report.

Rinu is the CEO of Popular Finance and Riya is the director board member of the finance company, reported Malayala Manorama.

A lookout notice was in place against the owners of the finance company soon after they absconded.

Meanwhile, the authorities started attaching the properties belonging Popular Finance headquartered in Konni of Pathanamthitta district of Kerala following a local court order.

The owners of Popular Finance, which provides gold loan and other associated services, had gone into hiding after they failed to return theinterest to the investors. Following this, its customers made a beeline before its branches in Kerala asking to return their investments.

Popular Finance's managing partner Thomas Daniel and his wife Prabha Daniel fled their native place after locking their house about a month ago.

Gradually, the finance company's branches started closing one after another panicking the investors.

The owners had earlier stated that the company has been facing a financial crisis due to the COVID-19 pandemic and the family had not gone into hiding but they were leaving the place due to pressure from the media and police.

The Popular Finance case may be handed over to the Crime Branch for a speedy investigation, reported Mathrubhumi.

The police received about 300 complaints from the investors, who included NRIs as well, and more and more investors are coming forward with complaints against the company.

Image credit: Mathrubhumi

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