Popular Finance scam: Owners absconding after taking Rs 2,000-cr from investors

coastaldigest.com news network
August 27, 2020

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Konni, Aug 27: Investors may lose around Rs 2,000 after the owners of Kerala’s Popular Finance shut down the firm and went underground.

With the increasing number of complaints against the firm and its owners, a special team has been appointed to investigate the matter. However, the owner filed an insolvency petition in the court the other day.

Popular Finance had 274 branches inside and outside. Though the company had been working well, a sudden financial crisis led to its collapse.

The company was owned by Roy (Thomas) Daniel, his wife Prabha and their family residing in Vakayar. Two weeks ago, the family shut the company’s registered office in Vakayar and went absconding. Based on complaints from the investors, Konni police registered a cheating case against Roy and Prabha. It is learned that the company owes money to over 1,500 people including NRIs.

As the registered office was closed, investors started reaching other branches demanding their money back. Following this, the other branches are also being closed down. K G Simon pointed out that the firm does not have the resources to return all the money to the investors. More investigations are being held into other firms owned by the family.

People had invested between Rs 10,000 and Rs 80,000 in the company. Most of them made the investments for constructing houses, for marriage and to earn income after retirement. The investors said that they were paid interests properly until last month.

Those who deposited smaller amounts in the company raised complaints first. Many of those who have invested huge sums in the firm are yet to register complaints. Police have received proof that the company was not functioning properly for the last four years.

Alerts have been sounded in airports to prevent the owners from escaping to foreign countries. Konni CI P. S. Rajesh is in charge of the investigation. Popular Finance was founded in 1965 by T. K Daniel, father of Roy.

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News Network
January 13,2025

Mangaluru: Non-Resident Indians (NRIs) in Singapore remain determined to establish direct air connectivity between Mangaluru and Singapore despite setbacks. This follows Air India Express' (AIE) recent decision to postpone its planned direct flight service on this route, disappointing many expats.

In response, NRIs have proposed an alternative solution: extending IndiGo's existing Singapore-Bengaluru flight to Mangaluru. Currently, the Singapore-Bengaluru flight lands at Kempegowda International Airport at 7:40 AM, but passengers cannot board the 9:00 AM Bengaluru-Mangaluru connection due to insufficient transit time. Extending the Singapore-Bengaluru flight to Mangaluru would address this issue and benefit travelers.

Rajesh H. Acharya, director of HQ Connections in Singapore and coordinator of the Singapore Tuluver community, expressed disappointment over AIE's handling of the situation. "We’ve been advocating for this route since 2017, and it was close to becoming a reality. However, the sudden postponement and lack of stakeholder support have delayed our efforts," he said.

A petition has been submitted to IndiGo Airlines requesting the introduction of a direct Mangaluru-Singapore flight. Alternatively, it suggests extending IndiGo’s existing Singapore-Bengaluru flight to include Mangaluru. Expats have also approached Scoot Airlines in Singapore for direct connectivity. However, the lack of 'Point of Call' status for Mangaluru Airport remains a significant hurdle for international flights.

Despite the challenges, NRIs continue their efforts to make direct air connectivity between Mangaluru and Singapore a reality.

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News Network
January 17,2025

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Dubai: Air Kerala, India’s newest airline supported by UAE investors, has selected Kochi International Airport as its primary operational hub. The airline announced this decision early Thursday, revealing plans for its inaugural domestic flight from Kochi in June this year, followed by a UAE launch in 2027. 

The announcement was made at a press conference in Kochi recently in the presence of several members of the Kerala government, including Industries, Law, and Coir Minister P. Rajeve.

P. Rajeve expressed, "Air Kerala’s establishment marks a proud moment for the state, promising to enhance connectivity, generate employment, and boost tourism."

Chairman Afi Ahmed, a Dubai-based entrepreneur, highlighted, "Choosing COK as our base underscores our confidence in Kerala's potential to emerge as a key aviation hub. We are eager to contribute to and connect the state's growth with the world."

Aircraft Acquisition:

CEO Harish Kutty announced that the initial phase will utilize five leased aircraft, each with a 76-seat capacity. An agreement has been finalized with an Irish lessor for these planes. Over the next two years, the airline plans to acquire an additional 20 new aircraft.

Air Kerala aims to expand its services internationally, connecting major cities and reaching smaller towns across South India.

Economic Impact and Growth:

According to Ahmed, as Kerala’s first airline, Air Kerala is poised to significantly impact the state's economy. "The airline’s operations will create 750 direct and indirect job opportunities in its first year," he stated.

The airline also anticipates a boost to Kerala's tourism sector. Ahmed noted, "With affordable fares and accessible routes, Air Kerala aims to attract global tourists eager to explore Kerala."

Harish Kutty emphasized the airline's commitment to operating as a true ultra-low-cost carrier, making air travel affordable for all. "We aim to convert bus and train passengers into air travelers with our competitive fares and superior service," he affirmed.

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coastaldigest.com news network
January 16,2025

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Mangaluru, Jan 16: In an unimaginable twist of fate, the vibrant life of 19-year-old K Ahmed Shaheem was abruptly cut short on the evening of January 15, as he collapsed and passed away while enjoying a game of badminton with friends at Falnir, Mangaluru.

Shaheem, the beloved son of Shareef, originally from Addoor and currently residing at Ivory Tower, Attavar, Mangaluru, was in the prime of his youth. 

A student pursuing his graduation at a local private college, Shaheem had a bright future ahead, filled with dreams and ambitions. His sudden death has left family, friends, and the entire community in shock and grief.

Witnesses recount the heart-wrenching moment when Shaheem, in the middle of an energetic game, suddenly fell to the ground. His friends, devastated by the sight, rushed him to the hospital in the hope of saving his life. But tragically, doctors confirmed that he had passed away by the time he arrived.

Shaheem was not only a student, but also a passionate individual deeply involved in various social organizations, where he touched many lives with his kindness and commitment. His sudden departure has left a void that can never be filled, and his memory will remain forever etched in the hearts of all who knew him.

As his family mourns the loss of their precious son, the community stands in solidarity, deeply moved by the untimely loss of a young life that had so much promise.

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