Raid in Gokulam over violations of FEMA, irregularities worth Rs 1,000 crore found, says ED

KOZHIKODE: The ED is conducting raids at Gokulam Chits Fund owned by businessman Gokulam Gopalan over alleged violations of FEMA (Foreign Exchange Management Act) rules. The ED has hinted that they have found violations of foreign exchange rules worth Rs 1,000 crore. A huge amount of money was deposited in the firms owned by Gokulam Gopalan a few days ago. Reports said the main question is from where the money came and whether it came from one person. The ED also suspects that illegal transactions have taken place in the company. There are also reports that fraud cases related to Gokulam chit fund will be investigated under the PMLA (Prevention of Money Laundering Act).

The raid that began in the morning is still going on. The ED team is also questioning Gokulam Gopalan. He is being interrogated at the Gokulam corporate office near Gokulam Mall in Arayidathupalam, Kozhikode. Although it was initially decided to question him at his home in Vadakara, he reached the office in Arayidathupalam in the meantime.

The interrogation began at around 11.30 am. The search began at the Kodambakkam office in Chennai. Later news emerged that ED searches were being conducted at the offices in Kozhikode and Kochi.

Gokulam Gopalan was one of the producers of Empuraan after Lyca Productions withdrew from the controversial film. The ED investigation following the controversy surrounding the film had led to rumors. However, information from ED sources said the investigation was not related to the film and that such raids had been conducted before.