KOCHI: The Enforcement Directorate probe into the Rs 1,000-crore ‘Popular Finance Scam’ has revealed that Thomas Daniel, managing partner of Popular Finance, had routed the deposits of the public through hawala channels to Dubai and Australia on the pretext of financing imports. The imported items include old computers, Chinese mobile phones, health drinks and shrimp for which no documentary evidence is available. He also used the funds to buy 50 per cent shares worth Rs 1.7 crore of a Dubai-based company, Carry Cart Trading LLC. The payment of Rs 1.7 crore was made through hawala channels. The ED filed the report in the Kerala High Court while opposing the bail plea of Thomas Daniel.
“As part of the investigation into the details of the investments in Australia, a request has already been sent by the Government of India to the Australian authorities,” stated the report. In the report, ED stated that approximately 3,000 depositors were cheated to the tune of Rs 1,000 crore. The affairs of the group were entirely controlled by Thomas Daniel and director Rinu Mariam Thomas. Though their statement was recorded by ED, they did not disclose some of the crucial details and gave evasive replies. The duo have a tendency to commit economic fraud with immaculate planning and use of deception and cheating.
Explaining the modus operandi of the accused, the ED stated that the outward remittance to Australia was for the purchase of old computers and Chinese mobile phones. Thomas Daniel had deposed that the amount was routed from India through Australia by withdrawing cash from the bank accounts of Popular Finance and converting it into dollars. The money was then sent to Dubai through carriers, most of them his friends and relatives. But he has not divulged the names of the carriers. The total amount transferred to these countries and the bank accounts are yet to be disclosed by Thomas Daniel. The network of Thomas Daniel is very large and it has wide tentacles in India and abroad.
MANAGING PARTNER PRIMA FACIE GUILTY: HC
KOCHI: Kerala High Court has held that there is prima facie material to believe that Thomas Daniel, managing partner of Popular Finance, is guilty of the offence alleged against him in the Popular Finance scam. Justice K Haripal made the observation while dismissing the bail plea of Thomas Daniel in a case registered by the Enforcement Directorate. Appearing for the ED and Centre, S V Raju, additional solicitor general, and Suvin R Menon, Central government counsel, submitted that there is clear proof that the accused had accepted deposits illegally and the money was transferred outside India. The court said that the entire proceeds of the crime have not been traced yet.