ED searches multiple premises of Atlas Jewellery, seizes FDs, cash

ED had initiated money laundering investigation on the basis of an FIR registered by Thrissur police against Atlas Jewellery,
Image used for representational purpose only.
Image used for representational purpose only.

BENGALURU: The Directorate of Enforcement (ED) carried out search operations on January 20 and 22 at the business premises and bank lockers of Atlas Jewellery India Limited (AJIL) under Prevention of Money Laundering Act (PMLA), 2002, in Mumbai, Bengaluru and New Delhi. “During the course of searches, ED seized Rs 26.59 crore worth of fixed deposits, Indian currency, gold, silver and diamond jewellery,” the agency stated in an official release on Monday.

ED had initiated money laundering investigation on the basis of an FIR registered by Thrissur police against Atlas Jewellery, MM Ramachandran and Indira Ramachandran under various sections of the Indian Penal Code (IPC), for cheating South Indian Bank, Round South Branch, Thrissur, Kerala.

“With an intention to cheat, they planned and presented forged documents to the bank, and availed a loan worth Rs 242.40 crore on March 21, 2013 and September 26, 2018, and have not repaid the money,” the ED added.

“Investigation has revealed that Ramachandran had invested Rs 100 crore to purchase equity shares of Atlas Jewellery India Limited, New Delhi, and transferred another Rs 14 crore in the escrow account
with Axis Bank, New Delhi,” added the agency.

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