The Enforcement Directorate (ED) has provisionally attached assets valued at Rs. 19.60 crore belonging to the Fashion Gold Group Company in Kozhikode, Kerala, as part of a money laundering case. The announcement was made by the ED on X, stating, “ED, Kozhikode has provisionally attached assets valued at Rs. 19.60 Crore approx. in the Fashion Gold Case (a cheating case) under the PMLA, 2002 on 02.08.2024.”
The attached assets include immovable properties owned by the Fashion Gold Group Company, its Chairman MC Kamaruddin, Managing Director TK Pookoyathangal, and their family members. This action is taken under the Prevention of Money Laundering Act (PMLA), 2002, indicating a serious crackdown on financial irregularities and fraudulent activities associated with the group.
The ED’s move highlights the ongoing efforts to address and mitigate money laundering and related offenses in India. The provisional attachment of assets is a significant step in ensuring that those involved in financial misconduct are held accountable, and the illicit assets are recovered. This development serves as a reminder of the ED’s commitment to upholding financial integrity and law enforcement in the country.
