Enforcement Directorate seizes assets worth Rs 26.59 crore from jewellery company

The accused had presented forged documents to the bank and availed a loan of Rs 242.40 crore between 21 March, 2013 and 26 September, 2018, and did not repay the amount, officials said.

The Enforcement Directorate (ED) has seized assets worth Rs 26.59 crore after carrying out search operations for three days at the business premises and bank lockers of M/s Atlas Jewelry India Limited (AJIL) in Bengaluru, New Delhi and Mumbai under the Prevention of Money Laundering Act (PMLA), 2002.

The ED in its press release said that the money laundering investigation was initiated based on the FIR registered by the Kerala Police against M/s Atlas Jewellery, MM Ramachandran and Indira Ramachandran under various Sections of the Indian Penal Code for cheating South Indian Bank, Round South Branch, Thrissur, Kerala. The accused had presented forged documents to the bank and availed a loan of Rs 242.40 crore between 21 March, 2013 and 26 September, 2018, and did not repay the amount, officials said.

During the course of Investigation, it was revealed that MM Ramachandran had invested Rs 100 Crore by way of purchase of Equity Shares of M/s Atlas Jewelry India Limited (AJIL), New Delhi and transferred another Rs 14 Crore in the Escrow Account with the Axis Bank, New Delhi.

The ED said that further Investigation in the matter is underway.

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