ED freezes assets worth Rs 143 crore of Manappuram Finance MD

Finance


“The search, which began on Wednesday, covered a total of six premises in Thrissur, where the company is headquartered. ,” said an ED spokesperson.

Enforcement Department, Delhi NewsThe ED alleges that it has recovered evidence of large-scale cash transactions in the form of money laundering and public deposits conducted by Nandakumar through his company Manappuram Agro Farms (MAGRO) without RBI approval. ing. (Representative image)

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The Enforcement Department on Thursday froze assets worth 143 crore rupees of VP Nandakumar, MD and CEO of prominent Kerala-based NBFC Manappuram Finance Ltd, after carrying out a raid as part of a money laundering investigation. said he did.

“The search, which began on Wednesday, covered a total of six premises in Thrissur, where the company is headquartered. ,” said an ED spokesperson.

“During the course of the search, it was found that criminal proceeds were diverted by Nandakumar VP and invested in real estate in his name, in the names of his spouse and children, and shares in Manappuram Finance Ltd. Therefore, ED We have frozen the assets of Vice President Nandakumar under the Prevention of Money Laundering Act (PMLA), totaling Rs 143 crore,” the spokesperson said.

“The frozen assets include deposits held in eight bank accounts, investments in listed stocks and shares of Manappuram Finance Limited. Property documents of 60 properties were also seized,” the spokesperson said.

The ED alleges that it has recovered evidence of large cash transactions in the form of money laundering and public deposits conducted by Nandakumar through his company Manappuram Agro Farms (MAGRO) without RBI approval. ing.

“The deposits were illegally collected by Nandakumar through some of its employees at various branches of Manappuram Finance Limited, a listed company. 43 million rupees.When RBI detected the same and instructed the depositor to return the amount, the defendant replied to RBI that he had returned the money to the depositor, but ED Investigation revealed no evidence of repayment or KYC of the depositors, showing that deposits of Rs 5.3 crore were returned in cash, but no evidence of repayment or KYC No,” insisted the ED.

The role of Manappuram Finance Limited’s chief financial officer (CFO) and other employees suspected of aiding the money laundering crimes are being investigated, the official added.

First published date: May 5, 2023 10:52 IST



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