ED Attaches ₹20.4 Crore Assets in Thunchath Jewellers Money Laundering Case

November 7, 2025

Kozhikode: The Enforcement Directorate (ED) has provisionally attached assets worth ₹20.4 crore in a money laundering case involving Thunchath Jewellers and its promoters, accused of cheating hundreds of investors through fraudulent investment schemes.

The attached assets, located across Kerala and Karnataka, include several immovable properties held in the names of the accused and their family members, the ED said on Friday.

The action, initiated by the ED’s Kozhikode Sub-Zonal Office under the Prevention of Money Laundering Act (PMLA), 2002, follows numerous complaints from investors who were allegedly lured by promises of high returns.

Fraudulent Schemes and Diversion of Funds

According to the probe agency, Thunchath Jewellers, operated under Accomplish Marketing Pvt. Ltd., was registered with the Registrar of Companies, Cochin, and began operations in Tirur in 2012. The company had 15 directors, led by M. Jayachandran as Managing Director.

Investigations revealed that the firm collected large sums from investors through monthly deposit schemes, promising lucrative returns. However, the funds were allegedly diverted for personal gain, and the key promoters went into hiding in 2017.

Following the collapse of the scheme, nearly 70 FIRs were filed by aggrieved investors across multiple police stations in Kerala.

Creation of Shell Entities

The ED’s investigation, which included examining FIRs, chargesheets, and recording statements from complainants and the accused, established that the funds collected under the guise of investment schemes were “proceeds of crime.”

To conceal and route the illicit money, Jayachandran and his associates allegedly created multiple new entities, including:

• Thunchath Gold LLP

• Accomplish Gold Pvt. Ltd.

• Thunchath Tours & Travels Pvt. Ltd.

• Thunchath Chits Pvt. Ltd.

The diverted funds were used to purchase properties in the names of the accused and their close relatives, the ED said.

Further Probe Underway

The central agency noted that further investigation is ongoing to trace additional assets and uncover the full money trail in what it described as a large-scale investment fraud that caused severe financial losses to many ordinary investors.