On December 28, 2023, the Directorate of Enforcement (ED) searched eight addresses associated with Ravi Raman, the promoter of the R R Group in Chennai and the Honorary Counsel for Mauritius, in accordance with the terms of the Prevention of Money Laundering Act (PMLA), 2002.
Based on a formal complaint filed by CCB-I, Chennai, against Ravi Raman and his spouse, Mrs. Shobhana Ravi, the ED opened an investigation into possible criminal conspiracy, cheating, and forgery under several sections of the Indian Penal Code, 1860, in connection with the embezzlement of foreign funds and investments worth Rs 117 Crore from the Old Lane group.
According to an ED probe, Ravi Raman embezzled Rs. 117 crore in foreign direct investment (FDI) intended for the construction of an Ambattur tech park from Old Lane India Opportunities. An irreversible GPA was signed in the foreign investor’s favour, and certain group company properties were retained as security or collateral in place of the money received from the foreign investor.
In addition, Ravi Raman sold the pledged assets by forging an unlawful GPA cancellation and then filed a fictitious FIR claiming that the paperwork pertaining to the pledged property had been misplaced.
The ED’s investigation further showed that Ravi Raman embezzled part of the money during the criminal period through his Singapore-based company, M/s R R Industries Singapore Pvt Ltd, which invested in Indonesian coal mines in addition to his cousin’s Novem Coal Resources Pvt Ltd.
Approximately 74 lakhs rupees in unaccounted cash, several property deeds, and papers valued at over Rs. 850 Crore were found during the search activities. Moreover, technological gadgets and additional papers containing damning material were also taken. The inquiry further disclosed that R R Group is currently the subject of an investigation about additional foreign investments it has received from foreign entities. Additional research is currently being conducted.
