And the Search Conducted by the Director of Enforcement (ED), Kochi Zonal Office, Revealted That Kunhahmed Musliyar Memorial (KMM) Trust, and Charity Organization, and Its Chairperson Ibrahim Ahmad Ali ₹ 220 crore during the period 2021 till date from ibrahim ahmad ali, which is reflected in the books of accounts as unsecured loans.
The search operations were performed 31 July on the basis of the provisions of the Foreign Exchange Act (FEMA), 1999 in two places in the Caragod in connection with the suspicion of violating the law and the adoption of foreign contributions by confidence and its chairman. Although this was reflected in the books of accounts as unsecured loans, there was no loan agreement, interest conditions or repayment schedule and no repayment has been carried out.
Mr. Ali received funds from Universal Lubricants LLC, a company based on UAE. In the absence of supporting documentation and regarding the clarification of the clarification referred to in § 2 para. H) of the Act on the Regulation on Foreign Contribution (FCRA), 2010, the “Loan” of Prima Facia is qualified as a foreign contribution within FCRA.
Not registered
Trust is not registered under FCRA and has no compulsory permit or designated bank account FCRA to obtain foreign contributions. Furthermore, it was found that some of these foreign contributions were used for the purchase of agricultural land in India in violation of existing regulations.
During the search, it was also revealed that confidence received crore 2.49 GBP in cash from NRI, violates the provisions of FEMA, 1999. During the search, incriminatory documents, book accounts showing unsecured loans of 220 GBP, confidence book and hard drive containing financial data. The investigation so far implemented in the 1999 FEMA provisions. Further investigation is advanced, Ed said in its statement.
Published – 2 August 2025 20:24
