ED seizes Rs 26.59 crore worth of cash, gold and jewellery during raids at premises, lockers of Atlas Jewellery
Jan 24, 2022
New Delhi [India], January 24 : The Enforcement Directorate (ED) has seized Rs 26.59 crore in the form of fixed deposits, Indian currency, gold, silver and diamond jewellery during raids conducted at the business premises and bank lockers of Atlas Jewellery India Limited (AJIL) at three places across India.
The federal agency carried out these search operations on January 20 and January 22 under the Prevention of Money Laundering Act (PMLA), 2002 in Mumbai, Bengaluru and New Delhi.
ED said that during the course of search operations, a total seizure of Rs 26.59 crore in the form of fixed deposit, Indian currency, gold, silver and diamond jewellery has been made so far in this case.
ED initiated the money-laundering investigation on the basis of the First Information Report registered by Thrissur East Police Station in Kerala against Atlas Jewellery, its chairman M.M. Ramachandran and his wife Indira Ramachandran under various Sections of IPC, 1860 for cheating South Indian Bank, Round South Branch, Thrissur, Kerala.
With an intention to cheat, ED said, "they planned and presented forged documents to the bank and availed loan worth Rs 242.40 crore during March 21, 2013 to September 26, 2018, and have not repaid the money".
ED said the investigation revealed that MM Ramachandran had invested Rs 100 crore by way of purchase of equity shares of AJIL, New Delhi and transferred another Rs 14 crore in the Escrow Account with Axis Bank, New Delhi.
New Delhi [India], January 24 : The Enforcement Directorate (ED) has seized Rs 26.59 crore in the form of fixed deposits, Indian currency, gold, silver and diamond jewellery during raids conducted at the business premises and bank lockers of Atlas Jewellery India Limited (AJIL) at three places across India.
The federal agency carried out these search operations on January 20 and January 22 under the Prevention of Money Laundering Act (PMLA), 2002 in Mumbai, Bengaluru and New Delhi.
ED said that during the course of search operations, a total seizure of Rs 26.59 crore in the form of fixed deposit, Indian currency, gold, silver and diamond jewellery has been made so far in this case.
ED initiated the money-laundering investigation on the basis of the First Information Report registered by Thrissur East Police Station in Kerala against Atlas Jewellery, its chairman M.M. Ramachandran and his wife Indira Ramachandran under various Sections of IPC, 1860 for cheating South Indian Bank, Round South Branch, Thrissur, Kerala.
With an intention to cheat, ED said, "they planned and presented forged documents to the bank and availed loan worth Rs 242.40 crore during March 21, 2013 to September 26, 2018, and have not repaid the money".
ED said the investigation revealed that MM Ramachandran had invested Rs 100 crore by way of purchase of equity shares of AJIL, New Delhi and transferred another Rs 14 crore in the Escrow Account with Axis Bank, New Delhi.
