ED Recovers Rs 1.5 Crore From Empuraan Producer After Raids, Intensifies Probe
ED is also verifying the cheating and forgery cases registered against Sree Gopalan Chit and Finance Company Ltd under PMLA in a separate case.
The Enforcement Directorate (ED) on Friday recovered Rs 1.5 crore after raids at L2: Empuraan producer’s properties in Chennai. CNN-News18 has learnt that the case taken up by the ED stems from a case being investigated by the Income Tax Department. In 2017, the income tax department had carried out raids at 76 locations linked to producer Gokul Gopalan and his chit fund company across Tamil Nadu, Kerala and Karnataka.
In the raids and after subsequent investigations, the income tax department had revealed that the company had allegedly concealed income worth Rs 1107 crores over 5 years, including Rs 118 crores received in bad debts and Rs 80 crores in undisclosed interest income that were not reported in the books.
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The ED has now registered a fresh case in the matter under various provisions of FEMA worth Rs 1000 crores with NRIs and other unauthorised transactions. ED is also verifying the cheating and forgery cases registered against Sree Gopalan Chit and Finance Company Ltd under PMLA in a separate case.
What Is Gopalan Chit and Finance Company?
Gopalan Chit and Finance Company, officially known as Sree Gokulam Chit & Finance Co. Pvt. Ltd., is a prominent financial services company based in India, primarily focused on the chit fund industry. Founded on July 23, 1968, by Sri A.M. Gopalan, widely known as Gokulam Gopalan, the company started modestly in Mylapore, Chennai, with a vision to provide financial support to the common people. Over the decades, it has grown into one of the largest chit fund companies in India, boasting a network of around 480 branches across the country and a group turnover exceeding 7,000 crore rupees (approximately $840 million USD, as of recent estimates).
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