comScore
Active Stocks
Wed Nov 29 2023 15:58:39
  1. Tata Steel share price
  2. 127.7 0.67%
  1. Tata Motors share price
  2. 712.15 2.09%
  1. Wipro share price
  2. 406.15 2.32%
  1. State Bank Of India share price
  2. 568.5 0.7%
  1. HDFC Bank share price
  2. 1,559.25 1.94%
Business News/ News / India/  Ponniyin Selvan producer's company Lyca Productions raided by ED in Chennai today
Back Back

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.

A poster of film 2.0, produced by Lyca Productions in 2018Premium
A poster of film 2.0, produced by Lyca Productions in 2018

The officials of the Enforcement Directorate (ED) on Tuesday held searches at the premises of film production company Lyca in Chennai.

Lyca Productions has produced several Tamil and Telugu films, including Rajinikanth and Akshay Kumar starrer film 2.0 in 2018.

Lyca Productions was established by Subaskaran Allirajah in 2014. A subgroup of Lycamobile, the production studio has been involved in the production and distribution of films made in South India.

It is not clear yet why the ED is conducting a raid at Lyca's office in Chennai.

Mint will update the story as soon as ED or Lyca spokesperson shares details.

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.

Milestone Alert!
Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Updated: 16 May 2023, 01:18 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App