Directorate of Enforcement (ED), Kochi Zonal office has conducted search operations on 17/10/2024 under provisions of Prevention of Money Laundering Act (PMLA), 2002 at 11 locations in Calicut, Malappuram and Thruvananthapuram at the residential/ office premises of key individuals of Apollo and Samana group of companies.
The searches led to freezing of Proceeds of Crime (POC) to the tune of around Rs. 52.34 Lakh in various bank
accounts, seizure of around Rs. 27.49 Lakh in cash and incriminating documents of properties acquired by the accusedout of POC.ED initiated investigation on the basis of 6 FIRs registered by Kerala State Police under various sections ofthe Indian Penal Code, 1860, wherein it was alleged that the promoters of Apollo Jewellery group including Moosa HajiCharaparambil, Basheer and Other Directors of Apollo Group of companies convinced the depositors to invest in itsmonthly income scheme under “Apollo Gold”. The scheme stipulates that for every Rs. 1 Lakh deposit, the depositorwill receive a monthly dividend of Rs. 1000/-, and upon maturity (after 12 months), they will receive a refund of theirinvested amount. Investors who continue or renew their deposit beyond 12 months are eligible for profit sharing withApollo Jewellery. Initially, the group fulfilled their commitment; however, after 2020, they neither paid the dividendamount nor returned the deposited amount to the depositors. Moosa Haji Charaparambil has absconded afterdefaulting the payments to the depositors/investors. Subsequently, the Crime Branch registered additional 42 FIRs
against the aforementioned individuals.ED investigation revealed that the companies/firms in the Apollo Jewellery Group have shown substantial
amount of unsecured loans from several investors in their audited balance sheets without payment of any interest tothem, raising doubts on the genuineness of the names figuring in the financials. As per the audited financials, the totalunsecured loans, paid up share capital and investments through debentures received from several investors by Apollo Jewellery group of companies, which are defunct as on date, is around Rs. 82.90 Crore. Further, the accused i.e.,
Moosa Haji Charaparambil and other Directors of several companies/firms in Apollo group of companies appear toave substantial interest/stake in Samana group of companies and diverted the funds collected in the Apollo Jewellerygroup by way of constructing hotels in Calicut (Hotel Dimora, Kozhikode) and Thiruvananthapuram (Hotel Dimora,Thiruvananthapuram) in the name of M/s Apollo Shopping Mall LLP and M/s Trivandrum Apollo Builders Pvt. Ltd respectively.
During the search operations, several incriminating documents and electronic devices have been seized which
may further reveal several other details in respect of how the POC have been invested. The copies of the documentsof both the Dimora hotels have been seized during the search for further attachment as POC. Four freezing orderswere issued under PMLA, 2002, to the tune of Rs. 52.34 Lakh against the bank balance of bank accounts maintainedby Hotel Dimora Calicut.
