Ernakulam’s Special PMLA Court delivered justice to beleaguered depositors on February 10, 2026, by transferring Rs 65.07 crore in attached properties of Popular Group of Companies to the BUDS Act authority. This pivotal order paves the way for swift refunds to victims of the group’s Ponzi-like schemes.
Back in 2021, ED’s provisional attachments—confirmed subsequently—targeted assets linked to ECIR KZDO/32/2020. The case involves serious charges under IPC for conspiracy, cheating, criminal breach of trust, and BUDS Act violations. Popular Group’s leadership, including Thomas Daniel and family members, allegedly swindled crores from countless investors via illegal deposit plans.
Arrests of key figures like Thomas Daniel and Rinu Mariam Thomas followed investigations, leading to formal complaints in Special Court. The Kerala High Court’s recent instructions prompted the BUDS authority’s plea, which ED did not contest, prioritizing victim relief.
The court reasoned that depositors harmed under PMLA and BUDS are identical, necessitating unified protection. Transfer empowers the authority—Kerala Home Department Secretary via District Collector—to assess and disburse funds effectively. Accused parties’ objections are preserved for BUDS proceedings.
This development highlights coordinated enforcement between agencies, signaling a tougher stance on deposit frauds. For investors long awaiting redress, it’s a beacon of accountability in India’s battle against financial scams.