KOCHI: A special investigation team of the CBI conducted a search at the Edappally branch of Popular Finance on Tuesday and seized incriminating documents and digital evidence. The team investigating the Rs 1,600-crore scam found documents that revealed the operations of the firm which accepted deposits offering unrealistic high rates of interest. It was found that Popular Finance had diversified their business into money exchange and tour and travel business, and channelled the deposits to the sector.
The Kerala police had earlier seized the gold pledged at the Edappally branch and sealed the office.
Meanwhile, the CBI has received complaints from 67 depositors against the branch, who alleged that the Edappally branch has swindled deposits to the tune of `6 crore. The deposits were accepted as fixed deposits, gold pledges, bonds and investment in Popular Traders and Popular Finance. The Kerala High Court had handed over the investigation in the 1,368 cases of financial fraud involving Popular Finance to the central investigation agency in November 2020.