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Monday
September 2020
5:20 AM IST
News Headlines
Burkina Faso striker Traore leaves Lyon for Aston Villa        AIFF to conduct three-day International Virtual Conference for coaches        Looking to play good brand of cricket to make this season a memorable one: KL Rahul        US stocks fall as market decline extends for third week        No decision to discontinue printing of Rs 2000 note: FinMin        Iran vows 'hit' on all involved in US killing of top general        Russia's Navalny says he's now more than 'technically alive'        Pak uses drone to weapons in J-K's Rajouri; 3 LeT terrorists arrested        Centre rejects study which claims India is world's largest emitter of anthropogenic sulphur dioxide        Garib Kalyan Rojgar Abhiyaan not implemented in Bengal as state did not provide any info: FM        Parliament's monsoon session likely to be curtailed, may end by mid-next week        Kerala reports 4,000 plus fresh COVID-19 cases for second day in row; Toll crosses 500        China flies 18 warplanes near Taiwan during US envoy''s visit        US bans WeChat, TikTok citing national security        IPL 2020: Dhoni''s CSK lock horns with Rohit led MI in opener        US Open champion Osaka out of French Open due to injury        NIA questions Ker Minister Jaleel for over 8 hours; No need for him to resign, says CM        Delhi riots: Police files charge sheet under UAPA against 15 for larger conspiracy        Serum Institute gets DGCA''s nod to resume testing of Covid vaccine again        Russia''s RDIF collaborates with Dr Reddy''s Laboratories for Sputnik V vaccine trials, distribution: CEO        
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Kerala News
Take steps to attach properties of pvt financial institution; HC to govt
 
Kochi: The Kerala High Court on Wednesday directed the state government to take steps to attach the properties of a private financial institution that allegedly cheated hundreds of depositors of around Rs 3,000 crore. The Court also directed the Centre to "expeditiously" consider the state government''s request, seeking a direction to the CBI to probe the case of cheating, allegedly by the directors of Kerala based Popular Finance Limited, headquartered in Pathanamthitta district. The Court gave the directives while considering the writ petitions filed by individuals and an association of depositors, seeking a CBI investigation against the directors who allegedly defrauded them.

In its interim order, the High Court directed the state government to pass orders under Section 3(b) of the ''Kerala Protection of Interests of Depositors in Financial Establishments (KPID) Act'' without further delay. This should be done to attach properties of the financial institution and the money and property alleged to have been procured, either in the name of the establishment or in the name of any other person, from out of the deposits collected by it. "Pending such order, the district collectors, appointed as competent authority under Section 4 of the KPID Act, shall issue orders, directing closure of all branches of Popular Finance Limited and its allied institutions within the respective revenue districts forthwith and effect attachment of the cash, gold and other assets in the branches and other offices of those financial establishments," Justice V G Arun said in his order.

Directing the Centre to take a decision expeditiously on the state''s request for a CBI probe,the Court said if the union government decides to do so, the agency''s director shall constitute a Special Investigation Team, comprising officers with experience and expertise in probing offences involving economic fraud. In such an event, the state government shall provide the SIT with the requisite logistical support, the Court said. The Court also kept in abeyance a circular by the state police chief, directing transfer of FIRs registered in various police stations to one in Konni in Pathanamthitta district.

It directed police to register separate crimes and draw up separate FIRs on receipt of complaints pertaining to commission of cognizable offences by Popular Finance Limited and its allied establishments within the jurisdictional limits of their police station. Police have arrested the owners of the Kerala-based finance firm against which over 200 cases have been filed by various depositors and investors, alleging fraud of around Rs 3,000 crore. Popular Finance, headquartered in Pathanamthitta district, has been engaged in the business of gold loans since 1965 and has 284 branches across five states.


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