Chennai: The Enforcement Directorate (ED) has seized Rs 1.5 crore in cash from the offices of one of the producers of the upcoming Malayalam film L2 Empuraan.
Raids were conducted at multiple offices of Sree Gopalan Chit and Finance Co Ltd, also known as Gokul Chit Fund, in Tamil Nadu and Kerala. The company is owned by A M Gopalan, also known as Gokulam Gopalan.
The Mohanlal-starrer L2 Empuraan is doing good at the box office though. It has grossed over Rs 91 crore in India in the last 9 days since its release.
According to the ED, the searches are part of an ongoing investigation into alleged foreign exchange violations amounting to Rs 1,000 crore under the Foreign Exchange Management Act (FEMA). One of the key premises searched was the company’s office in Kodambakkam, Chennai.
Officials have said that the ED is probing suspected FEMA contraventions, including possible illicit remittances and hawala transactions. Gopalan’s firm has a presence in multiple states, including Tamil Nadu, Kerala, Telangana, Puducherry, Maharashtra, New Delhi, Andhra Pradesh, and Haryana.
This is not the first time that the Sree Gokulam Chit and Finance Co Ltd has come under the scanner. In April 2017, the Income Tax Department searched premises of the company, in three states, for tax evasion.
It had then been revealed by officials that the company had intentionally not disclosed significant amounts of income in its accounts. These included recovered bad debts and interest income. By not disclosing Rs 1,107 crore over five years, the company had avoided paying a large amount in taxes, sources had said at the time.
