Delhi-based jeweller shuts shop temporarily amid ED probe
PremiumED on Monday raided jewellery group in a money-laundering probe linked to alleged fraud with a Kerala-based bank.
Delhi-based Atlas Jewellery India Ltd (AJIL) on Tuesday suspended its business temporarily after the Enforcement Directorate (ED) raided and seized ₹26.59 crore worth of cash, fixed deposits and gold and diamond from the jewellery group. The jeweller said, “Directorate of Enforcement has seized the saleable stock of the company which has led to the temporary suspension of business,".
“The company is under the process of investigation by the Directorate of Enforcement. We have been given to understand that this matter relates to an investigation of funds infused by the promoter," the company said in a statement to indices.
ED on Monday raided jewellery group in a money-laundering probe linked to alleged fraud with a Kerala-based bank.
The business premises and bank lockers of Atlas Jewellery India Ltd (AJIL) in Delhi, Mumbai and Bengaluru were searched on January 20 and 22 in a case of cheating South Indian Bank's Round South Branch in Thrissur, Kerala.
The probe by the federal agency was taken up after studying an FIR of the state police that was field against AJIL, its promoters M M Ramachandran and Indira Ramachandran.
The ED said in a statement that "with an intention to cheat the bank, they (promoters) planned and presented forged documents to the bank and availed loan worth ₹242.40 crore during the period 21.03.2013 to 26.09.2018 and have not repaid the money."
"M M Ramachandran had invested ₹100 crore by way of purchase of equity shares of Atlas Jewellery India Limited, New Delhi and transferred another ₹14 crore in the escrow account with Axis Bank, New Delhi," the ED said.
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During the raids, it said, a total seizure of ₹26.59 crore in the form of fixed deposits, Indian currency, gold, silver and diamond jewellery has been made.
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.
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