The popular finance scam in Konni, which has shocked Kerala with an investment fraud of around Rs 4,000 crore, has come to light. It was reported that investors had unknowingly created other companies and pumped money into it. Also, the children of the popular finance owner have Australian citizenship. The move was to start companies in the name of children and smuggle money to Australia. Now the complaint is about the fraud of Rs 2000 crore. But there is a huge amount of popular finance in politics and corrupt officials who do not want to be named outside. All in all, it is known that they have committed a scam of Rs 4,000 crore.
Popular finance itself is not broken. The covert goal was to defraud the owners and transfer the money to their children’s investment and institution in Australia. It is not clear how much money they smuggled out of India. If money is smuggled out of India, it will be very difficult to get them back. It is suspected that Roy Daniel and his wife Prabha, the owners of the popular finance, had planned to move to Australia with their children and drown in legal proceedings in India as their children are Australian citizens.
From the beginning, documents and receipts were issued to investors under the name Popular Finance. But for the past few days, the documents have been in the name of Popular Dealers Popular Priests Popular Treasure. A police check at the Wakayar headquarters over the past two days found the discrepancy in the documents. The finance investment was diverted to business ventures in the name of Roy’s daughters’ husbands. In short, the money of the natives and the people was transferred to the daughters and to their husbands. It is suspected that a large portion of this money was smuggled abroad.
Investigators say Riya and Rinu, the daughters of popular finance owner Roy Daniel, were the main culprits in the scam. It is also suspected that the husbands left India. In the case of Riya and Rinu, the Kerala Police also refuted the notion that they would not be arrested if they had an Australian passport. Police have arrested Roy Daniel, the owner of the establishment, his wife Prabha Thomas, and their children Rinu Mariam and Riya Ann in custody in a popular finance fraud case. The children were arrested yesterday while trying to cross the border. Roy Daniel, the owner of the establishment, and his wife, Prabha Thomas, surrendered at the SP’s office. They will be charged with breach of trust and financial misconduct. They were interrogated late last night by the district police chief. After questioning, Roy was shifted to Adoor Quarantine Center and Prabha, Rinu, and Riya to Pathanamthitta Women’s Police Station.
No private banks or private chits in Kerala are safe. Such institutions have embezzled more than half a lakh crore rupees from the people in the last three decades. All Blade Banks in Kerala have deposits including NRIs. None of this is safe. There are so many private banks in Kerala that have burst within a year. The only option is for people to immediately withdraw their deposits from such banks and deposit them in a co-operative bank or a nationalized bank.