Kochi: The Enforcement Directorate (ED) has once again questioned industrialist and film producer Gokulam Gopalan in connection with the FEMA (Foreign Exchange Management Act) violation case. He was summoned to the ED office in Kochi for further statement recording. The ED had earlier found that around ₹600 crore worth of foreign exchange violations had taken place through a chit fund company owned by Gopalan. Earlier, the central office in Chennai had also seized ₹1.5 crore in connection with the case. His initial statement was recorded in Chennai, followed by further questioning in Kochi.
The ED had earlier released a press statement detailing their findings in the investigation involving the Gokulam Group. According to the statement, the group had violated FEMA and RBI regulations by illegally receiving foreign funds. The ED reported that ₹592.54 crore had been received in foreign funds — ₹370.80 crore in cash and ₹220.74 crore via cheques. Additionally, funds were unlawfully transferred abroad in violation of FEMA rules. The investigation is ongoing, with scrutiny of the seized documents continuing.
Recently, the ED also conducted raids at Gokulam Gopalan’s residences and offices. Raids began around 3 AM across five locations including Chennai and Kozhikode. These included his Chennai office and residence, the Gokulam corporate office in Kozhikode, and the Gokulam Mall. The searches were carried out under allegations of PMLA violations and foreign exchange law breaches, with suspected illegal transactions amounting to nearly ₹1,000 crore.
The ED is also investigating investments made by companies and institutions where Gokulam Gopalan serves as a director. The probe is centered on high-value international financial transactions that allegedly violate FEMA regulations. Previously, the Income Tax Department in 2017 and the ED in 2023 had initiated inquiries into Gokulam Gopalan as well.
