The interrogation of Popular Finance Board of Directors' member Riya Ann Thomas, who was arrested the other day, is likely to throw more light into the scam.
In 2014, the Reserve Bank had taken action against Popular Finance and banned the firm from accepting deposits in violation of its regulations.
Popular Finance mortgaged the gold, that was pawned at their branches, again in banks. Till the customer repaid the loan to retrieve the gold, this would be sub-mortgaged in the bank.
Indian parents are considered to be financially prudent and there is a lot that one can learn from his or her father in terms of financial management.
It is said that that large amounts of money were mobilised by his firm, Haritha Finance.