Latest news with #BudsAct
Time of India
4 days ago
- Business
- Time of India
Nirmal Krishna deposit fraud: Home department directs Kinfra to return land to woman entrepreneur
Thiruvananthapuram: The home department by an order on Friday directed Kinfra to return the 50-cent land to a woman entrepreneur Usha Umesh, 53, from whom the land was seized by the key accused in the Nirmal Krishna deposit fraud. Until a few years ago, Umesh was operating Pooja Garments on the land at Kinfra Park, but the accused K Nirmalan evicted her using fraudulent methods. He then took over the land and the 54,000 sq ft building at the park by flouting all norms. The accused then reportedly paid Rs 89 lakh as a lease premium for the land to Kinfra. The land and factory are currently owned by one Sreejith, a close aide of Nirmalan and an accused in the deposit fraud. The order issued by the home department also directs Kinfra to remit the lease premium of Rs 89 lakh to Banning of Unregulated Deposit Schemes (Buds) Act, Authority, which initiated recovery proceedings against the accused. The fraud came to light when the authority legally attached the land and factory owned by the accused in the Nirmal Krishna fraud, as the woman submitted proof of ownership of land and factory. As per the Buds Act, the authority has no power to attach a third-party property. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Azioni USA fino a 1€ BG SAXO Scopri di più Undo Buds Authority later revoked the attachments, directing Kinfra to pay the lease premium paid by the accused to reimburse the depositors who lost money in the deposit fraud. "Kinfra leased out the land to Nirmalan when it was already owned by me. Kinfra could not produce the pact when it was sought through an RTI query. Now I am happy that the department directed Kinfra to give my land back," said Umesh. She may need to pay some premium amount to enter into a new pact with Kinfra, it was learned. Get the latest lifestyle updates on Times of India, along with Eid wishes , messages , and quotes !
Time of India
30-05-2025
- Time of India
Police invoke Buds Act in Farmfed deposit fraud
T'puram: Museum police on Friday invoked Buds Act (Banning of Unregulated Deposit Schemes Act) against the accused in the multi-crore deposit fraud surrounding Farmfed (Southern Green Farming and Marketing Multi-State Co-operative Society). Offering 12.5% interest on deposits, the accused cheated hundreds of depositors. A fraud worth Rs 250 crore took place, said the probe team. By invoking Buds Act, police will be able to recommend attaching the wealth owned by the accused. Farmfed chairman Rajesh Chandran Pillai, 47, and managing director Akhil Francis, 42, were arrested and a search is on for the other accused: Dhanya, Shiny, Princy Francis and Mahavishnu. The other accused were board members of the society. Police registered two more cases on Friday over the fraud, bringing the total number of cases registered to five. Police moved a custody application for the accused before chief judicial magistrate court on Thursday. The court will consider the plea on Monday. The accused were running the society's office at Sasthamangalam and they recruited agents to lure people into the fraud, police said. The society was functioning for the past 16 years and it launched various plans in the agricultural sector. TNN
Time of India
13-05-2025
- Time of India
Buds Authority takes steps to recover defrauded funds in land fraud case
Thiruvananthapuram: The competent authority under the Buds Act has initiated measures to recoup Rs 89 lakh, which was paid to Kinfra by the key accused in the Nirmal Krishna deposit fraud to allegedly seize a 50-cent land owned by a woman Umesh, who ran Pooja Garments, owns the land and a 54,000 sq ft building at Kinfra Park. The woman alleged that the accused K Nirmalan seized the firm and land in 2013 through fraudulent per the financial fraud case, more than 13,000 depositors in Thiruvananthapuram and Kanyakumari districts were allegedly cheated out of over Rs 1,000 crores, by Nirmal Krishna Chit Fund used the defrauded money of the depositors to seize the land, the woman alleged. Buds Authority attached the land during the probe into the chit fund fraud . The authority later found that the land and building were not owned by Nirmalan but by the woman. As per rules, Buds Authority has no power to attach a tri-party asset; its powers are limited to attaching the assets directly owned by the accused. After finding that Pooja Garments was owned by the woman, Buds Authority halted attachment proceedings but started taking measures to recoup the Rs 89 lakh paid to Kinfra by the accused. "There were irregularities in the way the factory land was handed over to Nirmalan. We sent a letter to Kinfra demanding the payment of Rs 89 lakh. However, we received a vague reply," said a Buds Authority tried to enter the factory a few days ago but was stopped by the accused and his associates. In response, Usha approached the district collector, and the collector directed the police to ensure protection. However, she alleged that the police failed to provide any protection to her and she was evicted when she tried to enter.
