KOCHI: In a move aimed at preventing a company involved in an economic fraud from disposing of its assets, Kerala government has issued an order to seize the property and other immovable assets of the company in Kerala.
The government decided to go ahead with the seizure based on an investigation report submitted by Crime Branch against the company and the recommendation for the same forwarded by Ernakulam district collector.
As per an order dated January 30, an interim order under Section 3 of Kerala Protection of Interests of Depositors in Financial Establishments Act, 2013, was issued for attaching over 2.5 acres of Thathwamasi Ayurday Resort Pvt Ltd at Edavanakkad village and transfer the control over the said land to the competent authority under the Act.
Police officials said the government decided to issue the seizure order after a probe found that Thathwamasi Chits and Investments Private Ltd had duped about `16 crore from its subscribers / depositors and diverted the money to buy the property.
“An investigation was conducted in CB.211/CR/TSR/2017 (Cr.728/17/U/s 406, 420 & 34 IPC of Kattoor police station, registered on 26.08.2017 against Thathwamasi Chits and Investments Pvt Ltd on the complaint of subscribers/depositors that the company failed to repay the amount due to the complainants. Forty-five crime cases were registered against the company within the Thrissur district and 88 crimes were registered all over Kerala on similar charges,” the order said adding the investigation also revealed that accused directors of the company with the intention of cheating the public and for extracting money collected huge amount under the guise of chit business and acquired movable/immovable properties.
“Using the cash received from subscribers and other depositors, by violating provisions U/s 14 of the Chits Fund Act, the accused purchased landed property in the name of Thathwamasi Ayurday Resort Pvt Ltd,” the order stated.