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Rs 1.5 crore cash seized in raid on Empuraan producer's chit fund office, claims FEMA violation
ED Empuraan: The ED claimed FEMA violation after raiding 'L2: Empuraan' producer Gopalan's chit fund company. The searches were part of an ongoing probe into foreign exchange violations of Rs 1,000 crore under the Foreign Exchange Management Act (FEMA).
The Enforcement Directorate (ED) revealed that it has seized Rs 1.5 crore in cash during searches on April 4 carried out at multiple offices of Sri Gopalan Chit and Finance Company Limited (Gokul Chit Fund) in Tamil Nadu and Kerala. The company (Gokulam Gopalan) belonging to entrepreneur AM Gopalan is one of the producers of the upcoming Malayalam film L2: Empuraan.
The searches are part of a continuing investigation into suspected foreign exchange violations of Rs 1000 crore under the Foreign Exchange Management Act (FEMA). The federal agency stated in a release that the searches ongoing since Friday concluded on Saturday. The ED stated that the action was launched against the residential and business offices of Sri Gokulam Chits and Finance Company Pvt Ltd in one place in Kozhikode in Kerala and two in Chennai in Tamil Nadu under the Foreign Exchange Management Act.
It said that during the search, Rs 1.50 crore in cash and incriminating documents in violation of FEMA were seized. There was no immediate reaction from Gopalan or his company to the ED's allegations. The ED raids come amid the recent controversy over the second installment of the "Lucifer" series, 'L2: Empuraan'.
