Kerala: Gokulam Gopalan appears before ED office in Kochi over FEMA violation, statements to be recorded

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gokulam gopalan

Kochi: Businessman and film producer Gokulam Gopalan is once again being questioned by the Enforcement Directorate (ED) in connection with alleged violations of the Foreign Exchange Management Act (FEMA). He was summoned to the ED office in Kochi for further questioning following an earlier preliminary interrogation conducted in Chennai.

The ED had earlier found that foreign exchange transactions amounting to nearly Rs 600 crore were conducted in violation of FEMA rules through chit fund businesses owned by Gokulam Gopalan. In a recent operation, the agency seized Rs 1.5 crore from the Chennai branch office.

Gokulam Group violates FEMA and RBI regulations

According to an ED press release, the Gokulam Group violated several FEMA and Reserve Bank of India (RBI) regulations by illegally accepting foreign funds. A total of Rs 592.54 crore was reportedly received, comprising Rs 370.80 crore in cash and Rs 220.74 crore through cheques. The funds were allegedly transferred abroad without adhering to legal procedures.

The ED continues to examine documents seized during raids. Searches were previously conducted at Gokulam Gopalan’s residences and offices, including his home and office in Chennai, the corporate office in Kozhikode, and the Gokulam Mall.

The raids began around 3 a.m. and were carried out simultaneously at five locations in Chennai and Kozhikode. The investigation is focused on alleged money laundering and violations of foreign exchange regulations.

The ED suspects that financial transactions involving nearly Rs 1,000 crore were routed through Gokulam-owned companies. The agency is also examining investments made by these firms in other institutions. Previous inquiries into Gokulam Gopalan were conducted by the Income Tax Department in 2017 and the ED again in 2023.