ED carries out raid at office of jewellery firm in PMLA case

The Enforcement Directorate (ED), on Monday said that they have carried out search operations at the business premises, bank lockers of Atlas Jewellery India Limited (AJIL) under the Prevention of Money Laundering Act (PMLA).

The raids were conducted at three places in Mumbai, Bengaluru and New Delhi.

“During the course of search 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,” said a senior ED official.

Initially a case in this respect was lodged with the Thrissur East Police Station, Kerala against Atlas Jewellery, M.M. Ramachandran and Indira Ramachandran under various Sections of the IPC for cheating the South Indian Bank, Round South Branch, Thrissur, Kerala.

The official said that the ED initiated a money laundering investigation on the basis of a FIR registered by the Kerala Police,

“With an intention to cheat, they planned and presented forged documents to the bank and availed loan of Rs 242.40 crore between 2013 and 2018. They have not repaid the money,” the official said.

The ED learnt during the course of Investigation that M.M. Ramachandran had invested Rs 100 crore by way of purchase of Equity Shares of Atlas Jewellery India Limited (AJIL), and transferred another Rs. 14 Crore in the Escrow Account with Axis Bank. The official said that thus they have committed cheating and they have found the proof of money laundering in the probe.

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