The Enforcement Directorate (ED), Kochi Zonal Office, has attached immovable properties worth around ₹ 7.81 crore, including several plots of land in Kozhikode district, primarily held in the name of Moosa Haji Charaparambil.
The attachment was made in equivalent value to the proceeds of crime under Section 5(1) of the Prevention of Money Laundering Act (PMLA), 2002.
The ED has launched an investigation based on several First Information Reports (FIRs) registered by the Crime Branch, Economic Offenses Wing of the Kerala Police in Kozhikode and Wayanad under Sections 406 and 420 of the IPC. The cases alleged fraud by Apollo Gold group entities, including Apollo Gold, Apollo Jewellery, Zella Diamonds and related firms.
The accused, including Mr. Charaparambil, Sabitha K. and other directors/partners, allegedly lured depositors to invest in gold deposit schemes by promising high returns. Funds of over ₹130 million were collected across businesses and branches but were not returned. Instead, the money was allegedly embezzled and diverted to several entities, generating proceeds of crime estimated at ₹118 crore, according to the ED.
The statements of depositors and other witnesses recorded under Section 50 of the PMLA confirmed fraudulent schemes, non-payment and siphoning of funds. An analysis of the audited financial statements and deposit lists revealed unsecured loans to partners and investments made using illicit funds, the ED said in a statement.
The investigation further revealed that Mr. Charaparambil allegedly diverted proceeds of crime worth ₹ 23 crore abroad. In addition, around ₹5 crore was allegedly transferred to his personal bank account and the accounts of his associates.
The investigation continues to trace additional proceeds of crime, identify additional assets and identify other parties involved.
Published – 06 Feb 2026 22:04 IST
