Karunamoorthy denies Lyca’s allegations

Denying allegations of financial fraud that was raised against him by Lyca Productions, K Karunamoorthy of Ayngaran International said that he had no authority to sign the cheque leaves of Lyca Productions to withdraw money.

On Thursday, Neelakant Narayanpur of Lyca Productions had submitted a petition to city police alleging that Karunamoorthy, a former consultant, misused the firm’s trust by selling satellite and overseas theatrical rights of the films produced by Lyca Productions, apart from spending lavishly on personal stay in the city and while travelling abroad.

“The police complaint was filed with the intention of spoiling my reputation. I will face the allegations legally. I am now forced to reveal misconducts committed by Subaskaran of Lyca Productions and will make them public soon,” Karunamoorthy said in a statement issued on Saturday.

Responding to one of the allegations in the complaint, in which his company Ayangaran International was accused of selling the overseas rights of Enaku Innoru Per Iruku and Yaman for Rs 95 crore, Karunamoorthy claimed that the overseas rights were sold for only Rs 1.60 crore. Lyca Productions had raised a series of allegations against him, including siphoning off Rs 25 crore as loan to a real estate company he owned.