We are before you with the recent update that has been recovered from Chennai today. The news is making waves on the internet. It has been surfacing that the officials of the Enforcement Directorate (ED) are conducting search operations at the premises of film production company LYCA in Chennai. LYCA Productions which is a famous production house for south movies is facing raids by ED. The news is storming all over and the connected people to the production house especially are stunned by the ED’s actions. The speculations and assumptions are making rounds and people are curious about what’s going on and why. We are sharing with our viewers what we have sourced till now, so be with us know about what’s going on in Chennai.
The production company LYCA – the makers of hit movies Ponniyin Selven 1 and 2 and many famous South movies like Khaidi No. 150, Kaththi, Enakku Innoru Per Irukku, Yaman etc is facing money laundering charges as per the reports. A case of money laundering case has been registered against the production house on Tuesday and now large-scale raids are going on in eight premises of LYCA productions by the Enforcement Directorate (ED).
ED Raids Chennai Office of Lyca Productions
Established by Subaskaran Allirajah in 2014 LYCA Productions is a sub-group of Lycomobile. The production house is facing FEMA (Foreign Exchange Management Act) and also PMLA (prevent and control money laundering) acts as per the fresh reports. The search operation is ongoing in eight locations including T Nagar, Adyar and Karapakkam in Chennai. The media industry is shocked by the search operations. Many speculations are rumouring on social media platforms. There is no statement issued by the production house yet. Media people are eager to know about the actions and the findings of ED.
South Production company LYCA has been credited for producing the most expensive Indian movie 2.0 with an estimated budget of Rs 400-600 crores and turned out to be the highest-grossing movie with collections of around Rs 650-800 crores by the end of four weeks. The company has expanded its roots well since 2014. LYCA Productions also produced the Bollywood movie Ram Setu last year but the movie did not meet the expectations of audiences. The company has also given hit movies in Tamil cinema like Chekka Chivantha Vaanam, Vada Chennai, Diya, Kollamaavu Kokila and many more.
It has been reported that the raids by ED started at 7.30 am morning and sources are claiming that the charges are for illegal transfer of money and also for tax evasion. More details are awaited. We will be back to you with more updates in this context. Stay tuned.
