KOCHI:The Enforcement Directorate (ED), Kochi Zone, probing the multi-crore money laundering case against Tycoon Empire International Limited, a fraudulent money chain company, has attached the property of the company worth Rs 4 crore in Chennai. The Chennai-based Tycoon Empire International Limited had allegedly amassed around Rs 234 crore through money chain business from their depositors and the case against them is still under investigation.
According to ED officials, it was Kamala Kannan, P Sadasivam and Bhoopathi Manoharan who first formed Tycoon Empire MLM Limited in 2009. The company with headquarters in Chennai was active in Kerala, Karnataka, Tamil Nadu and Maharashtra. The accused collected investments through various bank accounts.
After receiving money from the depositors, the accused diverted the amount into illegal money circulation scheme in the guise of a money chain business. During the probe, the ED had found that a person identified as Narayana Narasimulu was the mastermind behind the fraudulent activities of the company. In later years, more companies like Tycoon Empire Retail Mall, Tycoon Empire International Limited, Tycoon Inter National Limited, Tycoon Portfolio Management Pvt Ltd, Tycoon Financial Services Pvt Ltd and Tycoon Empire Infra Development India Pvt Ltd were established to cheat the investors.
The accused had used the money collected from the public to purchase properties. The ED had attached a bungalow owned by Narayana Narasimulu at Valasaravakam in Chennai and Rs 30 lakh cash balance of the company in various banks.