ED, Kochi Zonal office has conducted search operations on 17/10/2024 under provisions of PMLA, 2002 at 11 locations in Calicut, Malappuram and Thruvananthapuram at the residential/ office premises of key individuals of Apollo and Samana group of companies. During the search operations, various incriminating documents and cash of Rs. 27.49 Lakh were seized, and around Rs. 52.34 Lakh in various bank accounts were frozen.

The Directorate of Enforcement (ED), Kochi Zonal Office conducted search operations on 17/10/2024 at 11 locations in Calicut, Malappuram, and Thruvananthapuram. The searches were carried out under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, and led to the freezing of Proceeds of Crime (POC) worth around Rs. 52.34 Lakh in various bank accounts.

Seizure of cash amounting to around Rs. 27.49 Lakh was also reported, along with incriminating documents related to properties acquired by the accused using POC. The ED initiated investigation on six FIRs registered by Kerala State Police under various sections of the Indian Penal Code, 1860, alleging that the promoters of Apollo Jewellery group, including Moosa Haji Charaparambil and other directors, convinced depositors to invest in its monthly income scheme.

The ED investigation revealed substantial unsecured loans from several investors in the Apollo Jewellery Group's audited balance sheets without payment of interest. The total amount of unsecured loans, paid-up share capital, and investments through debentures received from investors was around Rs. 82.90 Crore.

During the search operations, incriminating documents and electronic devices were seized, which may reveal further details about the investment of POC. Four freezing orders were issued under PMLA, 2002, against the bank balance of Hotel Dimora Calicut worth around Rs. 52.34 Lakh. Further investigation is ongoing.