ED attaches Rs 20.4-crore assets in Thunchath Jewellers money laundering case
Kozhikode, Nov 7 – The Enforcement Directorate (ED) has seized assets worth ₹20.4 crore in a money‑laundering case that links the jeweller chain Thunchath Jewellers and its promoters to investor fraud. The frozen property and assets are spread across Kerala and Karnataka and were held in the names of the accused and their families. The ED’s Kozhikode office attached them under the Prevention of Money Laundering Act (PMLA) after a string of complaints from people who said they were tricked into high‑return investment schemes.
Thunchath Jewellers, a unit of Accomplish Marketing Pvt. Ltd., opened its doors in Tirur in 2012. The firm promised investors big monthly returns in exchange for deposits. Investigators found that the company’s directors, including Managing Director M. Jayachandran, collected large sums but then transferred the money for personal use and vanished in 2017. The fraud led to almost 70 First Information Reports (FIRs) filed by affected investors at police stations across Kerala.
To hide the stolen funds, Jayachandran and other directors set up sham companies such as Thunchath Gold LLP, Accomplish Gold Pvt. Ltd., Thunchath Tours & Travels and Thunchath Chits. Funds moved through these entities were then used to buy residential and commercial property under the names of the directors and their close relatives. The ED confirmed that the money raised by the schemes qualifies as “proceeds of crime” under the PMLA.
The central agency is still probing the case to locate more hidden assets and trace the full money trail. It says the ongoing investigation will uncover additional property and financial links that shed light on the scam that ruined many investors. The ED’s action highlights India’s tightening grip on money‑laundering and investor protection in the wake of rising fraud cases.
Source: ianslive
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