ED Recovers Rs 1.5 Crore From L2 Empuraan Producer's Properties In Chennai Post Raids

The Enforcement Directorate (ED) recently conducted raids on the properties of Gokul Gopalan, a producer of the Malayalam movie L2: Empuraan, in Chennai and Kerala, resulting in the seizure of Rs 1.5 crore in cash. The investigation stems from a case initially probed by the Income Tax Department, which had raided 76 locations linked to Gopalan and his chit fund company in 2017 across Tamil Nadu, Kerala and Karnataka.

The income tax department's investigation revealed that the company allegedly concealed income worth Rs 1107 crores over five years. This included Rs 118 crores in bad debts and Rs 80 crores in undisclosed interest income that were not reported in the company's books. The ED's action is part of its efforts to enforce the Foreign Exchange Management Act (FEMA), as the agency found that Gopalan's company, Sree Gokulam Chits and Finance Co. Pvt. Ltd., had collected subscription amounts from non-resident Indians without proper authorization.

The ED's probe also uncovered that the company had collected Rs 3.71.80 crore in cash from non-resident Indians and Rs 220.74 crore through cheques, violating FEMA regulations. The agency is taking steps to ensure that the company's assets are attached and the proceeds of the alleged crime are recovered.

The Enforcement Directorate (ED) has registered a new case against Sree Gokulam Chits and Finance Company Ltd, owned by producer Gokul Gopalan, under various provisions of the Foreign Exchange Management Act (FEMA) worth a staggering Rs 1000 crores. 

The case involves unauthorised transactions with Non-Resident Indians (NRIs) and other irregularities. The ED is also investigating cheating and forgery allegations against the company under the Prevention of Money Laundering Act (PMLA) in a separate case.