The Enforcement Directorate (ED) recently conducted raids on Gokulam Gopalan's premises in Kerala and Tamil Nadu, seizing Rs 1.5 crore in cash and incriminating documents. The action was taken under the Foreign Exchange Management Act (FEMA) due to alleged foreign exchange law violations.
Gopalan's company, Sree Gokulam Chits and Finance Co. Pvt. Ltd., is accused of collecting subscriptions from international customers without permission, violating FEMA provisions worth Rs 1,000 crore. The ED's investigation revealed that the company collected Rs 3.71.80 crore in cash from NRIs and Rs 220.74 crore through cheques, with significant amounts paid in cash to non-resident Indians in violation of FEMA regulations.
The agency is also probing alleged cheating and forgery cases registered against the company under the Prevention of Money Laundering Act (PMLA). The raids come amid controversy surrounding Gopalan's film production house, which backed the recently released Malayalam film "L2: Empuraan". The film sparked debate over its critique of right-wing politics and covert mention of the 2002 Gujarat riots, prompting producers to delete 2.08 minutes of scenes.
The ED's action is part of an ongoing investigation into alleged foreign exchange violations, with the Kerala wing launching a multi-state search operation targeting locations in both Tamil Nadu and Kerala connected to Gopalan and his company.