According to the Prevention of Money Laundering Act (PMLA), 2002, the Directorate of Enforcement (ED) has temporarily attached assets worth Rs. 57.45 crores in the bank fraud case against M/s. Atlas Jewellery Private Limited, M.M. Ramachandran, Indira Ramachandran, and Others. Jewellery made of gold, silver, and diamonds, silver objects, money in bank accounts, bank fixed deposits, and real estate make up the attached assets.
The ED began a Money Laundering investigation based on a First Information Report (F.I.R.) submitted by the Kerala Police against M/s. Atlas Jewellery, M.M. Ramachandran, and Indira Ramachandran for defrauding South Indian Bank, Round South Branch, Thrissur, Kerala.
An investigation into money laundering found that the suspects defrauded the South Indian Bank, Round South Branch, Thrissur, Kerala, between 21.03.2013 and 26.09.2018. They planned and presented forged documents to the bank with the intent to defraud; they then obtained a loan for business purposes totalling Rs. 242.40 crores and have not repaid the money, which is nothing more than the proceeds of crime.
At M/scorporate .’s offices and bank vaults, the ED had previously undertaken search operations. According to data acquired from trustworthy sources, M.M. was sued by Atlas Jewellery India Limited (AJIL) under the PMLA, 2002, in Mumbai and Bengaluru. Ramachandran made an investment of Rs. 100 crores by purchasing equity shares in M/s. Further investigation is now being carried out. Atlas Jewellery India Limited (AJIL), New Delhi, and an additional Rs. 14 crores in the Escrow Account with Axis Bank.
