Financial firm winds up branches, depositors file police complaint
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Owner of Pathanamthitta-based Tharayil Finance absconding; quantity concerned but to be ascertained
Over six months after the ₹2,000-crore Popular Finance rip-off rocked Kerala, the functioning of one more Non-Banking Financial Company (NBFC) has come underneath scanner with a number of depositors lodging dishonest complaints towards it.
According to the police, three instances have been registered towards the Pathanamthitta-based Tharayil Finance underneath IPC Section 420 (Cheating and dishonestly inducing supply of property) based mostly on complaints from the depositors.
₹52 lakh to a few clients
“As per these complaints, the company has failed to return deposits worth ₹52 lakh to three of its customers. The owner is absconding along with his family,” mentioned an official. Tharayil Finance, which started its operations in 1991, is owned by Saji Sam, a local of Omallur close to Pathanamthitta.
District Police Chief R. Nishanthini, in the meantime, confirmed the receipt of a joint complaint by 34 depositors. “A probe is on to track down the firm’s owner. Efforts are also on to compile the complaints lodged across the various police stations. The actual amount of money involved in the case is yet to be ascertained,” the official mentioned.
No curiosity fee
A preliminary evaluation by the investigators advised that the NBFC had a complete internet price of round ₹100 crore. According to them, the corporate used to gather deposits from traders, particularly the NRI neighborhood, by providing profitable rates of interest. It abruptly stopped paying curiosity on the deposits from February this yr.
Following this, the shoppers approached the firm’s places of work instantly, although to no avail. All its department places of work started closing down from May onwards.
Meanwhile, investigations are additionally on to establish whether or not the fraud has any hyperlinks with the closure of Popular Finance Limited. As per reviews, a number of individuals had earlier withdrawn deposits from Tharayil Finance within the aftermath of the Popular Finance rip-off.
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