The Enforcement Directorate has frozen movable assets worth Rs. 34.11 crore belonging to Lavanya Jewellery, including properties in Chennai and Coimbatore, as part of their investigation into the jewellery store's fraudulent activities.
Coimbatore: Lavanya Jewellery, located on Oppanakara Street in Coimbatore, is under investigation for defrauding customers through various schemes, including chit funds, since 2017. The Central Bureau of Investigation (CBI) initially probed the allegations, uncovering a scam amounting to Rs. 65 crores involving the jewellery store and its sister companies. The Enforcement Directorate (ED) has also stepped in, conducting its investigation into the fraud.
The inquiry revealed that the jewellery store and its associated firms were involved in multiple fraudulent transactions. Based on the investigation findings, the ED has issued an order to freeze movable assets valued at Rs. 34.11 crores registered in the name of the jewellery store. These assets include a residential property, four plots of land, and a multi-story building located in Chennai and Coimbatore.
This action is part of a Prevention of Money Laundering Act (PMLA) case against the store, marking a significant step in the crackdown on illicit financial activities by both the CBI and the ED, which has caused a stir in the community.
The inquiry revealed that the jewellery store and its associated firms were involved in multiple fraudulent transactions. Based on the investigation findings, the ED has issued an order to freeze movable assets valued at Rs. 34.11 crores registered in the name of the jewellery store. These assets include a residential property, four plots of land, and a multi-story building located in Chennai and Coimbatore.
This action is part of a Prevention of Money Laundering Act (PMLA) case against the store, marking a significant step in the crackdown on illicit financial activities by both the CBI and the ED, which has caused a stir in the community.