Kerala HC hands over Popular Finance scam case to CBI

The Kerala High Court issued an order handing over the Popular Finance scam case to the CBI.

The High Court instructed that a special investigation team should be formed for the investigation.

1,368 cases registered as per Banning of Unregulated Deposit Schemes Act have been handed over to CBI. The court instructed that CBI should take over the case immediately.

Earlier, the CBI was reluctant to take over the case. CBI stated that it will not take over the case even though the state government issued an order handing over the case to the agency. The High Court order dismissed this position taken by the CBI.

The case was filed for an investment scam worth Rs 2,000 crores carried out in the name of Popular Finance institutions. Police had arrested Popular Finance owner Thomas Daniel, his wife Prabha and their daughters Reenu, Reeba and Riya.