Popular Finance case to be handed over to CBI

Investigation on right track, HC told

September 15, 2020 07:56 am | Updated 07:56 am IST - KOCHI

The State government on Monday informed the Kerala High Court that it had decided to hand over the investigation of the case relating to the cheating of investors by Popular Finance, a finance company, to the Central Bureau of Investigation (CBI). The submission was made by senior public prosecutor Suman Chakravarthy when petitions by some of the investors seeking a CBI probe came up for hearing.

The court asked the prosecutor why separate FIRs were not registered despite receiving many complaints.

The senior public prosecutor further submitted it was a complex investigation spread over many places. Besides, the company had around 238 branches and had set up various shell companies. Therefore, a special team had been constituted and the investigation was progressing on the right track. Allegations of the investigation being lethargic had no basis. Over 3,000 complaints received from depositors were under process.

Interrogation

The offences under the provisions of the Prevention of Money Laundering Act, 2002 Securities and Exchange Board of India Act,1992, Companies Act, 1956, the Income Tax Act 1961 could be invoked only after the completion of custodial interrogation of the accused.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.