The Enforcement Directorate (ED) has confiscated Rs 1.5 crore in cash while conducting searches on April 4 at several offices of Sree Gopalan Chit and Finance Co Ltd, commonly referred to as Gokul Chit Fund, in Tamil Nadu and Kerala. The firm, owned by AM Gopalan, widely recognized as Gokulam Gopalan, is one of the producers of the upcoming Malayalam movie L2: Empuraan.
The searches are part of a ongoing probe into purported foreign exchange breaches totaling Rs 1,000 crore under the Foreign Exchange Management Act (FEMA). A major focus of the investigation was the company’s office located in the Kodambakkam region of Chennai.
As per sources, the ED is investigating alleged violations of FEMA, encompassing potential illegal remittances and hawala dealings. Gopalan’s company operates in several states, such as Tamil Nadu, Kerala, Telangana, Puducherry, Maharashtra, New Delhi, Andhra Pradesh, and Haryana.
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This isn’t the first occasion Sree Gokulam Chits has faced such scrutiny. In April 2017, the Income Tax Department conducted searches at the Sree Gokulam Chits locations across three states for tax evasion.
As per Income Tax authorities, the firm had deliberately concealed substantial income figures from its accounts—this includes recovered bad debts and interest earnings. By omitting to reveal Rs 1,107 crore over five years, they probably evaded a significant tax payment, sources had indicated then.
