Ponniyin Selvan producer's company Lyca Productions raided by ED in Chennai today
Lyca Productions was established by Subaskaran Allirajah in 2014. The production house made hit film Ponniyin Selvan.
The officials of the Enforcement Directorate (ED) on Tuesday held searches at the premises of film production company Lyca in Chennai.
Earlier ED said it had carried out search operations at 21 locations in Delhi and Gurugram in connection with Amira Pure Foods Private Limited, Karan A Chanana, and others under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA).
The searches were conducted by the ED on May 2 in which, cash amounting to ₹1.01 crore and various incriminating pieces of evidence were seized which shows the modus operandi of the accused entity for diverting the loan funds through shell companies, accommodation entries, fudging and manipulation of stocks, mentions the official statement.
According to the ED, the action against the accused entities came on the basis of an FIR registered by CBI against Karan A Chanana, his relatives, Amira Pure Foods Pvt. Ltd. and others under various sections of IPC, 1860 for committing fraud, criminal misappropriation, criminal breach of trust, cheating, etc. causing wrongful loss to the tune of approx--Rs. 1201.85 crore to the consortium of banks led by Canara Bank.
Investigations conducted by ED revealed that the accused entities in connivance with each other and other related and unrelated entities allegedly illegally diverted loan funds sanctioned by the consortium of Banks by way of transferring loan funds into the accounts of various shell entities under the guise of genuine business transactions.
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