The Enforcement Directorate has attached immovable assets worth over Rs 36 crore across Tamil Nadu and Rs 34.7 lakh kept in the bank account of Udayanidhi Stalin Foundation in a money laundering case. The investigation, conducted under the Prevention of Money Laundering Act (PMLA), is against the Kallal Group and the UK-based Lyca Group and its Indian subsidiaries, Lyca Productions and Lyca Hotels.
The investigation was launched after the Central Crime Branch-I in Chennai filed an FIR against the Kallal Group and its directors/founders: Saravanan Palaniappan, Vijaykumaran, Aravinth Raj, Vijay Ananth, Lakshmi Muthuraman, and Preetha Vijayananth for allegedly defrauding Gaurav Chachra, director of Pettigo Commercio Internacional Lda, of Rs 114.37 crore. Pettigo is a subsidiary of the UK-based Lyca Group, which has made significant investments in India.
During the searches conducted by ED, multiple incriminating documents and properties were discovered in addition to suspicious cash transactions and hawala transactions. The ED has attached various properties valued at Rs 36.3 crore and Rs 34.7 lakhs available in the bank account of the Udayanidhi Stalin Foundation, as it had received proceeds of crime worth Rs 1 crore without any explanation.
Lyca Productions is an entertainment company that produces and distributes Tamil and Hindi movies, most recently two-part Tamil epic film Ponniyin Selvan: I and Ponniyin Selvan: II.
The Lyca Group is a multi-divisional business stating in London, with interests in telecom, money transfer, hospitality, media & entertainment, healthcare, and energy. It was founded by Allirajah Subaskaran and has operations across Europe, South Asia, North America, Australasia, and other parts of the world. In India, it has investments in Lyca Productions, Lyca Hotels, Lyca Healthcare, Lycamobile, Lyca Money, and more. Their mission is to offer best-in-class, premium services to customers worldwide, providing them with an ultimate customer experience.
Udayanidhi Stalin is an Indian film producer, actor, and businessman. He is the grandson of Indian politician M. Karunanidhi. He is known for producing films like Vijay’s multi-starrer Kireedom (2017) and Saguni (2012). He was also a contestant in the first season of the Tamil reality show, Bigg Boss Tamil. Udayanidhi Stalin is the founder of Udayanidhi Stalin Foundation, a non-profit started in 2017 to support the fields of education, sports, and health.