ED raids at Gokulam Group to continue. Following revelations that the Gokulam Group violated RBI and FEMA regulations, the Enforcement Directorate (ED) had summoned and questioned the company’s Chairman, Gokulam Gopalan. As a continuation of the investigation, the ED has now decided to resume inspections. As part of the probe, the ED is preparing to scrutinize Gokulam’s financial records. A notice has been issued directing them to appear today with the relevant documents. The Kochi unit of the ED is leading the questioning of Gokulam Gopalan.
The ED has stated that if Gopalan cannot appear in person, a representative may attend on his behalf. Last week, he was questioned for five and a half hours. The investigation against Gokulam Group is based on alleged violations of foreign exchange regulations.
The current phase of the investigation involves checking documents submitted the previous day and verifying his statements. The ED has preliminarily found FEMA violations amounting to ₹595 crore. According to a press release issued by the ED recently, Gokulam Group received ₹592.54 crore in foreign funds — ₹370.80 crore in cash and ₹220.74 crore through cheques.
There were also illegal outward remittances of funds abroad in violation of regulations. The ED has confirmed that the examination of seized documents is ongoing. The investigation now aims to determine whether violations occurred involving even larger sums. It is also focused on how the foreign funds received in violation of the law were spent by Gokulam Group in India.
