An Enforcement Directorate (ED) search operation at the businesses and bank lockers of Atlas Jewellery India Ltd., under the Prevention of Money Laundering Act, in Mumbai, Bengaluru, and New Delhi on January 20 and 22 has resulted in the seizure of ₹26.59 crore in the form of fixed deposit, currency, and gold, silver and diamond jewellery.
The ED initiated the money laundering probe on the basis of a first information report (FIR) registered by the Thrissur East Police Station against Atlas Jewellery, M.M. Ramachandran, and Indira Ramachandran under various Sections of the Indian Penal Code (IPC) on the charge of cheating South Indian Bank.
The charge is that they planned and presented forged documents to the bank and availed loan worth ₹242.40 crore between 2013 and 2018 with the intention to cheat and failed to repay the money.
During the course of the probe, it was revealed that Mr. Ramachandran had invested ₹100 crore by purchasing equity shares of Atlas Jewellery India Ltd., New Delhi, and transferred another 14 crore in the Escrow Account with Axis Bank, New Delhi. Further probe is on, said a release by the ED.
