ED claims seizure of Rs 1.5 cr in raid on Gokulam Gopalan's financial institutions
Enforcement Directorate raids on Gokulam Gopalan's financial institutions uncover Rs 1.5 crore and potential FEMA violations. The investigation focuses on foreign transactions totaling ₹450 crore and possible black money dealings.
Chennai: The Enforcement Directorate (ED) sources claim that Rs 1.5 crore has been seized during inspections of businessman Gokulam Gopalan's financial institutions, in a raid related to foreign exchange violations. The money was found during a series of raids conducted across Tamil Nadu and Kerala on April 4. However, the exact location of the seizure has not been disclosed.
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The ED’s investigation is focused on violations of the Foreign Exchange Management Act (FEMA), with the agency uncovering foreign transactions totaling around Rs 450 crore. The full details of the accounts involved are expected to be clarified within a week of continued investigation. The ED reports that significant sums of money have flowed into Gokulam Gopalan’s companies from overseas, and funds have also been transferred abroad, indicating potential violations of FEMA regulations. Authorities are also examining whether some of the foreign funds were used for purposes such as film production.
The raids took place at multiple locations, including the offices of Gokulam Chits in Chennai and Kozhikode, the corporate office of the Gokulam Group, and Gopalan's residence in Neelankara. Gokulam Gopalan, who was in Kozhikode at the time, was summoned to Chennai by the ED for questioning, which lasted late into the night.
The investigation is being conducted under both the Prevention of Money Laundering Act (PMLA) and FEMA, with the ED focusing on black money transactions, which are believed to total approximately Rs 1000 crore, involving Gokulam’s institutions. Additionally, investments made by companies where Gopalan serves as a director in other entities are also under scrutiny.
This investigation follows a similar probe by the Income Tax Department in 2017 and a subsequent investigation by the ED in 2023 into the financial dealings of Gokulam Gopalan and his institutions.
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