Fashion Gold fraud case; Former Indian Union Muslim League MLA MC Kamaruddin and Fashion Gold MD TK Pookoya Thangal in ED custody

KASARAGOD: The ED has arrested former Manjeswaram MLA MC Kamaruddin and Fashion Gold MD TK Pookoya in the Fashion Gold fraud case. The arrests were recorded by the Kozhikode ED division on Monday, April 7.

The ED had earlier seized the assets of Kamaruddin and Pookoya Thangal in the case. The assets seized were worth Rs 19.6 crore. In addition to Kamaruddin and Pookoya Thangal, the ED had also seized the assets of their family members and business partners, including land and buildings, in various places. The action was taken under the Prevention of Money Laundering Act.

The ED has started the investigation based on 168 cases registered by the Kerala Police in Kasaragod and Kannur districts. The ED had found that Fashion Gold was not authorized to accept deposits from the public. The money was raised through shares and loans. The ED found that the accused used this money to buy properties in their own names and later sold or transferred them.

They were produced in court on April 8 and have been remanded in ED custody for two days. Investigation has revealed that they had embezzled around Rs 20 crore from the public.