The PMLA Special Court in Kozhikode has remanded former Manjeshwaram MLA M C Kamaruddin and his business associate T K Pookoya Thangal in the custody of the Enforcement Directorate (ED) for two days. Both were arrested on Monday in connection with an ongoing money laundering case involving M/s Fashion Gold and other related entities under the Prevention of Money Laundering Act (PMLA), 2002.
The ED initiated its probe based on 168 FIRs registered across various police stations in Kannur and Kasaragod districts. These FIRs involved Fashion Gold, a company led by Kamaruddin and Pookoya Thangal. According to the ED, the investigation revealed that the accused individuals were involved in a massive scheme of fraudulent deposit collection from the public with dishonest intentions to cheat investors by offering them attractive returns.
The investigation further uncovered that a total of Rs 20 crore was siphoned off by the accused. Fashion Gold was found to be unlicensed to accept deposits from the public. To circumvent this, Kamaruddin and Thangal devised a plan to receive public deposits under the guise of investment in share capital or advances from directors and shareholders of the company. Most of the investors were NRIs who were made directors or shareholders of the company as part of the scheme.
The accused used the funds collected through the fraudulent deposits to purchase immovable properties in their individual names. These properties were later sold off or transferred, allowing the accused to pocket the funds. In the course of the investigation, the ED has already attached immovable properties worth Rs 19.6 crore associated with Kamaruddin, Pookoya Thangal, and other individuals under PMLA, 2002.
