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ED raids at Lyca Productions in Chennai
The Enforcement Directorate (ED) has conducted raids on the premises of the film production company Lyca in Chennai, according to the media reports.
As per the news agency PTI, the raids were held in several locations in the city.
However, there has been no immediate reaction from the production house regarding the raids.
The film production company, 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.
The production of the blockbuster hit movies Ponniyin Selvan 1 and 2. Searches were underway at around eight premises in Chennai after the central probe agency registered a money laundering case against the production house.
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Earlier, the 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).
On May 2, the raids were conducted cash amounting to Rs 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.
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