Kochi: The Enforcement Directorate (ED) has arrested the owners of Popular Finance in connection with the Rs 2,000 crore financial fraud.

The arrested persons are Popular Finance managing director Thomas Daniel, alias Roy, and his daughter Reenu Mariam.

Both were summoned by the ED on Monday for questioning. The duo was subjected to detailed questioning on the basis of the complaints regarding financial irregularities and the facts collected by the agency during its probe.

With the arrest becoming almost certain by evening, Thomas Daniel sought legal assistance. The investigation agency allowed him to contact close relatives and inform them about the developments.

Elder daughter Reenu is the CEO of the company.

Both were lodged in a special room at the ED office. They will be produced before the district principal sessions court today.

Thomas Daniel told ED that he had health issues. He assured that he would fully cooperate with the probe hence his arrest should be avoided. However, the investigating officials informed the accused that their arrest cannot be avoided.

The ED is carrying out detailed investigations into the cases registered under Prevention of Money Laundering Act (PMLA), other financial irregularities and benami investments.

Thomas Daniel's wife and younger daughter are also under the purview of the probe.

Last year the Kerala-based finance firm Popular Finance had to shut down in the wake of a run on it. Soon, investigations revealed that the finance company was at the centre of a multi-crore financial fraud.