ED raids on LYCA Production office in Chennai

According to reports, ED agents searched the offices of the film production business Lyca in Chennai on Tuesday.

According to PTI, searches were underway in several parts of the city, citing unnamed sources.

According to PTI, the production business had no immediate response regarding the raids.

Ponniyin Selvan 1 and 2 were box office smashes for Lyca. According to NDTV, searches were underway at approximately eight locations in Chennai after the central investigation agency filed a money laundering case against the production company.

Subaskaran Allirajah established Lyca Productions in 2014. The production studio, a division of Lycamobile, has been active in producing and distributing films made in South India.

Earlier, the ED stated that it had conducted search operations at 21 locations in Delhi as well as Gurugram in connection with Amira Pure Foods Private Limited, Karan A Chanana, and others by the Prevention of Money Laundering Act, 2002 (PMLA).

ACCORDING TO THE OFFICIAL STATEMENT, the ED conducted searches on May 2 in which cash totalling 1.01 crore and various incriminating pieces of evidence were seized, revealing the accused entity’s method of diverting loan funds through shell companies, accommodation entries, fudging, and stock manipulation.

According to the ED, the action against the accused entities stemmed from a CBI FIR filed against Karan A Chanana, his relatives, Amira Pure Foods Pvt. Ltd., and also others under various sections of the IPC, 1860 for committing fraud, criminal misappropriation, criminal breach of trust, cheating, and other offences that resulted in a wrongful loss of approximately Rs. 1201.85 crores to a consortium of banks led by Canara Bank.

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