The Enforcement Directorate (ED) conducted searches at the premises of Gokulam Chit Funds in Tamil Nadu and Kerala on Friday. According to sources, the raids were part of an ongoing investigation into alleged violations of the Foreign Exchange Management Act (FEMA). The searches were carried out at the company’s offices in Chennai by ED officials from Kerala.
Gokulam Chit Funds, owned by businessman and film producer AM Gopalan, popularly known as Gokulam Gopalan, operates in multiple states, including Tamil Nadu, Kerala, Telangana, Puducherry, Maharashtra, New Delhi, Andhra Pradesh, and Haryana. The ED has yet to release an official statement regarding the current action.
This is not the first time the financial firm has come under scrutiny. In April 2017, the Income Tax Department had raided its offices in three states, accusing the company of tax evasion. Officials alleged that Sree Gokulam Chits had deliberately concealed significant amounts of income, including recovered bad debts and interest earnings, from its records. Sources at the time claimed that the company had failed to disclose ₹1,107 crore over five years, thereby avoiding substantial tax payments.
Gopalan himself has faced legal troubles in the past. In August 2019, his son, Byju Gopalan, was jailed in the United Arab Emirates for allegedly forging documents.
It is noteworthy that Gopalan has also made headlines as a film producer, co-producing the recently released Malayalam film L2: Empuraan, the sequel to the 2019 hit Lucifer and part of a planned trilogy by director Prithviraj Sukumaran and actor Mohanlal. The film has been the subject of controversy, with allegations that it contains covert references to the Gujarat riots, drawing criticism from right-wing groups.
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