Kasaragod : The government issued Order to confiscate assets of accused in the Fashion Gold investment fraud including those belonging to Muslim League State Working Committee member and former MLA MC Kamaruddin. The Order applies to properties owned by the company MD Pookoya Thangal, Chairman MC Kamaruddin among others.
The Order was issued by State Finance Secretary - the competent authority in this respect - under Unregulated Investment Schemes Prohibition Act. The action is based on Crime Branch report from SP Sadanand. The investigation team will confiscated assets under Sec 7 of Subsection 3 of the 2019 BDS Act pertaining to investment frauds.
Set to be confiscated are : four shops worth rs 6 crore in Payyannur town owned by Fashion Gold enterprise, one acre land worth Rs 10 crores belonging to MD Pookoya Thanala in Bengaluru’s Siligund village and four showrooms worth rs 5 crore bought by MC Kamaruddin and Pookoya Thankal for Khamar gold in Kasaragod town.
Also up for confiscation are Kamaruddin’s house and premise in Thrikaripur - Edachakai worth Rs 2 Crore and another house in Chanthera in the name of Pookoya Thangal.
The investigation team found much of the properties to have been illegally transferred to names of several persons soon after investors' complaints started to be lodged against Fashion Gold. Investment deposits were accepted from over 700 people in the name of four jewelry firms. 168 people came forth with complaints and an estimated Rs 26.15 crores is due in owings to them.
