The Enforcement Directorate (ED) has initiated a series of raids on the offices of LYCA Productions, a renowned film production company, at eight locations in Chennai. The searches are currently underway in T Nagar, Karapakkam, and Adyar areas of Tamil Nadu’s capital city.
The ED raid is reportedly linked to charges under the Foreign Exchange Management Act (FEMA) against LYCA Productions. The enforcement agency is conducting a thorough investigation into the alleged violations.
LYCA Productions has gained prominence in the film industry by producing high-budget movies, including the popular Ponniyin Selvan franchise and the blockbuster film 2.0 featuring Rajinikanth and Akshay Kumar. The production house has also distributed successful films such as RRR starring Jr NTR and Ram Charan, as well as Pushpa: The Rise featuring Allu Arjun.
Currently, LYCA Productions is working on several highly anticipated projects, including Lal Salaam starring Rajinikanth, Indian 2 featuring Kamal Haasan, and Vidaa Muyarchi with Ajith in the lead role. The film series Ponniyin Selvan, based on Kalki Krishnamurthy’s acclaimed 1955 Tamil novels, chronicles the early days of Arulmozhivarman, played by Jayam Ravi, who later becomes the revered Chola emperor Rajaraja Chola I.
In addition to the FEMA charges, the Prevention of Money Laundering Act (PMLA) has also been invoked in relation to the ongoing investigation. LYCA Productions is yet to issue an official statement regarding the developments and the allegations against the company.
The raids conducted by the ED highlight the authorities’ efforts to enforce financial regulations in the film industry and ensure compliance with legal frameworks governing foreign exchange transactions and money laundering activities. The investigation is expected to shed light on any potential irregularities and determine the appropriate course of action in accordance with the law.
The story is still developing, and further updates regarding the outcome of the ED raid on LYCA Productions are awaited as the investigation progresses.