Kozhikode, Nov 7 The Enforcement Directorate (ED) has provisionally attached assets worth Rs 20.4 crore in connection with a money laundering case linked to cheating allegations against Thunchath Jewellers and its promoters.
The assets, spread across Kerala and Karnataka, include several immovable properties held in the names of the accused and their family members.
The attachment, carried out by the ED’s Kozhikode Sub-Zonal Office under the Prevention of Money Laundering Act (PMLA), 2002, follows multiple complaints from investors who were allegedly defrauded through high-return investment schemes floated by the firm to lure unsuspecting people.
According to the central agency, Thunchath Jewellers, a business unit of Accomplish Marketing Private Limited registered with the Registrar of Companies, Cochin, commenced operations in Tirur in 2012.
The company had 15 directors, with M. Jayachandran being its Managing Director. Investigations found that the company collected large sums from investors through monthly schemes, promising attractive returns in exchange for investing their hard-earned money.
However, Jayachandran and other directors allegedly diverted the funds for personal gain and went into hiding in 2017.
Nearly 70 First Information Reports (FIR) were subsequently registered by investors across several police stations in Kerala.
The ED said its investigation which included recording statements from complainants and the accused, and examining FIRs and chargesheets established that the funds mobilised by the firm through the schemes constituted “proceeds of crime”.
The agency further revealed that Jayachandran and others had, with mala fide intent, formed several new entities, including Thunchath Gold LLP, Accomplish Gold Pvt. Ltd., Thunchath Tours & Travels Pvt. Ltd., and Thunchath Chits Pvt. Ltd., to route and conceal the diverted funds.
The proceeds were then used to acquire immovable properties in the names of the accused and their relatives.
The ED added that further investigation is underway to trace additional assets and determine the full extent of the money trail and the scam that ruined many people.
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