Lyca accuses ex-consultant of financial fraud

In its petition submitted at Chennai Police Commissionerate on Thursday, the firm alleged that Karunamoorthy of Ayangaram Films, who was heading its India operations since 2013 and was responsible for production and distribution of movies under the banner of Lyca Productions, allegedly gave Rs 25 crore belonging to Lyca Productions to a construction company named Lords and Partners Property Management Service Pvt Ltd in four instalments as a loan in 2018. The complainant alleged that the construction firm has nothing to do with film production.

Lyca Productions said that Karunamoorthy misused the firms’s trust and cheated them in many ways — selling of satellite and overseas theatrical rights of movies produced by Lyca Productions, committing to produce films without final consent from Lyca Productions, thus causing loss, not getting payments due for the company from various deals, and lavishly spending on personal stay in the city and travel abroad.

Neelakant Narayanpur, who submitted the petition on behalf of Lyca Productions, sold the theatrical rights of Vijay-starrer Kaththi through Ayangaran International Films Pvt Ltd and paid a paltry sum to the Lyca. “Similarly, the overseas rights of Enaku Innoru Per Iruku and Yaman was sold by Ayangaran Films for Rs 95 crore, while Lyca Productions was, in turn, paid only Rs 5 crore,” said the petition. According to the petition, Karunamoorthy decided to produce Simbu-starrer Vantha Rajavathaan Varuven and upcoming Kamal Haasan film Indian 2 without the consent of Lyca Productions, which incurred a huge loss to the firm. The petition has also alleged the involvement Karunamoorthy’s female assistant and has sought investigation and action against both of them.