The Enforcement Directorate (ED) has carried out search operations recently at the business premises, bank lockers of M/s. Atlas Jewellery India Limited (AJIL) under the Prevention of Money Laundering Act (PMLA) at three places in Mumbai, Bengaluru and New Delhi. During the course of searches operation, a total seizure of Rs 26.59 crore in the form of Fixed Deposit, Indian Currency, Gold, Silver and Diamond Jewellery have been made so far in this case, agency officials informed on Monday.
According to the ED, the agency had initiated money laundering investigation on the basis of an FIR registered by the Kerala Police, against M/s. Atlas Jewellery, M.M. Ramachandran and Indira Ramachandran under various Sections of the Indian Penal Code, for cheating a Bank in Thrissur, Kerala.
"With an intention to cheat, they planned and presented forged documents to the bank and availed loan worth Rs 242.40 crore during the period 21/03/2013 to 26/09/2018 and have not repaid the money. During the course of investigation it is revealed that 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 a private bank at New Delhi," said an ED official.