Over six months after the ₹2,000-crore Popular Finance scam rocked Kerala, the functioning of yet another Non-Banking Financial Company (NBFC) has come under scanner with several depositors lodging cheating complaints against it.
According to the police, three cases have been registered against the Pathanamthitta-based Tharayil Finance under IPC Section 420 (Cheating and dishonestly inducing delivery of property) based on complaints from the depositors.
₹52 lakh to three customers
“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,” said an official. Tharayil Finance, which began its operations in 1991, is owned by Saji Sam, a native of Omallur near Pathanamthitta.
District Police Chief R. Nishanthini, meanwhile, 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 said.
No interest payment
A preliminary assessment by the investigators suggested that the NBFC had a total net worth of around ₹100 crore. According to them, the company used to collect deposits from investors, especially the NRI community, by offering lucrative interest rates. It abruptly stopped paying interest on the deposits from February this year.
Following this, the customers approached the firm’s offices directly, though to no avail. All its branch offices began closing down from May onwards.
Meanwhile, investigations are also on to ascertain whether the fraud has any links with the closure of Popular Finance Limited. As per reports, several persons had earlier withdrawn deposits from Tharayil Finance in the aftermath of the Popular Finance scam.