NEW DELHI, The Enforcement Directorate on Tuesday carried out a raid against a Kerala-based group that allegedly duped investors by luring them into a monthly investment scheme named ‘Apollo Gold’, amounting to around 8 million yen. It was announced that assets worth Rs.
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According to the statement, the searches were carried out on October 17 at 11 locations in Calicut, Malappuram and Thiruvananthapuram, at the residences and office premises of “key persons” of Apollo and Samana group of companies.
The money laundering case alleges that the promoters of Apollo Jewelery Group, including Musa Haji Challaparambil, Bashir and other directors, lured depositors by asking them to invest in the monthly income scheme ‘Apollo’. It stems from as many as 48 FIRs filed by the Kerala police on charges of “cheating”. gold”.
The scheme provides that for every Rs 100,000 deposited, the depositor will receive a monthly dividend of Rs 1,000 and a refund of the invested amount on maturity after 12 months.
Investors who continued or renewed their deposits beyond 12 months were eligible for profit sharing with Apollo Jewelry. Initially, the group delivered on its promise. However, since 2020, “it has neither paid any dividend nor returned the deposit amount to the depositors”, the ED claimed.
Mr Challaparambil “absconded” after “delinquent” in making payments to depositors and investors, it said.
According to the exposure draft, Apollo Jewelery Group’s audited balance sheet shows that it has taken out “substantial” amounts of unsecured loans without interest from multiple investors, and its financial The authenticity of the names appearing in the documents is said to be questionable.
The total investment in the form of unsecured loans, paid up share capital and debentures received by Apollo Jewelery Group of Companies (now defunct) from several investors is approximately Rs 8,290 crore.
Challaparamvir of Apollo Group Companies and other directors of some companies/companies appear to have significant interest/shares in Samana Group Companies and they are responsible for directing the funds raised in Apollo Group to It was ‘appropriated’ by building hotels such as Hotel Dimora in Kozhikode and Thiruvananthapuram. . The hotels are being operated in the names of Apollo Shopping Mall LLP and Trivandrum Apollo Builders Ltd, the hotel said.
The search reportedly resulted in the seizure of “incriminating” documents, electronic devices and documents from both hotels in Dimora.
According to the ED, four orders were issued under PMLA to freeze bank deposits of Rs 52.34 million, apart from cash of Rs 27.49 million.
This article was generated from the Automata news agency feed without any modifications to the text.
