KOCHI: The Enforcement Directorate (ED) has seized Rs 26.59 crores worth of movable assets of Thrissur-based Atlas Jewellery India Limited (AJIL) following a raid its officers conducted at the firm's business premises and bank lockers in Mumbai, Bengaluru, and New Delhi. The movable assets include fixed deposits, Indian currency, gold, silver, and diamond jewellery.
According to an ED statement, a case under the Prevention of Money Laundering Act (PMLA) was registered based on a police FIR at Thrissur East Police Station. The accused in the case are Atlas Jewellers, MM Ramachandran also known as Atlas Ramachandran, and his wife Indira Ramachandran for allegedly cheating South Indian Bank's Round South Branch, Thrissur. "The accused persons planned and presented forged documents to the bank and availed loan worth Rs 242. 40 crores during the period of March 21, 2013, and September 26, 2018, and have not repaid the money," the ED release said.
After registering a PMLA case, the ED found that Ramachandran had invested around Rs 100 crore by way of purchase of equity shares of AJIL and transferring another Rs 14 crores in the Escrow account with Axis Bank, New Delhi. ED is continuing with the investigation of the case.
Atlas Ramachandran had faced a three-year jail term from 2015 to 2018 in Dubai after his company reportedly took around Dh 500 million and failed to repay the amount. He was released following the intervention of the Indian government and influential NRIs.
Ramachandran has acted in a few Malayalam movies and Keralites remember him for appearing in Atlas Jewellery TV commercials with the slogan - "Atlas Jewellery. Janakodikalude Vishwastha Sthapanam," (Atlas Jewellery. The company with crores of people's trust).
Atlas group started its first Jewellery shop in Kuwait in 1981. The shares of Atlas Jewellery are traded on BSE. On Monday, the share price was Rs 33.50/share, down 1.81% from Friday.