KOCHI: The Enforcement Directorate (ED) probing a money laundering case against Apollo and Samana group of companies searched 11 locations in Kozhikode, Malappuram and Thiruvananthapuram and froze bank accounts having a total of Rs 52.34 lakh, and seized Rs 27.49 lakh in cash, belonging to the accused persons as well as the firm. It also seized several incriminating documents and electronic devices in its October 17 search.
The ED had initiated a probe following cases registered by the police in Kozhikode against promoters of Apollo Jewellery group, including Moosa Haji Charaparambil, Basheer and other directors, for accepting investment from depositors in a monthly scheme “Apollo Gold”. The investors were each promised Rs 1,000 per month of investing Rs 1 lakh, and a refund of their entire investment upon maturity after 12 months. However, after 2020, the investors neither received the promised dividend nor the invested money, the ED said.
The ED probe revealed that the companies/firms in the Apollo Jewellery Group showed substantial amounts of unsecured loans from several investors in their audited balance sheets without payment of any interest to them, raising doubts on the genuineness of the names in the books.
‘As per the audited financials, the total unsecured loans, paid-up share capital and investments through debentures received from several investors by Apollo Jewellery group of companies, which are defunct as of date, is around Rs 82.90 crore.
Further, the accused Moosa Haji Charaparambil and other directors of Apollo group of companies appear to have substantial interest/stake in Samana group of companies and diverted funds collected in Apollo Jewellery group by way of constructing hotels in Calicut (Hotel Dimora, Kozhikode) and Thiruvananthapuram (Hotel Dimora, Thiruvananthapuram) in the name of M/s Apollo Shopping Mall LLP and M/s Trivandrum Apollo Builders Pvt Ltd respectively,” the ED said in a press release.