According to an ED official from the Kozhikode Sub-Zonal Office, the investigation under the Prevention of Money Laundering Act (PMLA) revealed that Thunchath Jewellers, a unit of Accomplish Marketing Private Limited, began its business in Tirur in 2012.
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The Enforcement Directorate (ED) announced on Friday that it has attached assets worth Rs 20.4 crore in a money laundering case related to cheating allegations against Thunchath Jewellers and others. The attached assets include various immovable properties in Kerala and Karnataka belonging to the accused.
According to an ED official from the Kozhikode Sub-Zonal Office, the investigation under the Prevention of Money Laundering Act (PMLA) revealed that Thunchath Jewellers, a unit of Accomplish Marketing Private Limited, began its business in Tirur in 2012. The company had 15 directors, with M. Jayachandran serving as the Managing Director.
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Thunchath Jewellers launched various monthly investment schemes and collected funds from numerous investors. However, Jayachandran and other accused individuals allegedly siphoned off these investments and absconded in 2017. This led investors to file approximately 70 FIRs with the police.
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The ED investigation, which included recording statements from complainants and accused persons, along with scrutinizing the FIRs and chargesheets, confirmed that the accused had cheated investors. The funds collected from this cheating constitute the “Proceeds of Crime” (POC) in this case.
“During the investigation, it was ascertained that with malafide intent, Jayachandran M., along with other accused, formed additional companies such as Thunchath Gold LLP, Accomplish Gold Pvt. Ltd., Thunchath Tour & Travels Pvt. Ltd., and Thunchath Chits Pvt. Ltd. to divert the funds collected from the public. The POC was then used to purchase immovable properties in the names of the accused and their family members,” the ED official stated.
Further investigation into the matter is ongoing.
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