The ED said on May 4 that it had frozen assets worth Rs.
In a statement issued to the media, Nandakumar claimed that the “ED’s visit” to the company’s facilities had nothing to do with Manappuram Finance’s operations.
“It was based on a Malafide FIR filed by a person who holds a personal grudge against him and his family. It is not related to Manappuram Agro Farms (Magro),” the statement said Friday.
The non-bank financial company also claimed that the total amount of shares attached by the ED was worth around 200 billion rupees, not around 14 billion rupees as stated by the agency.
The case relates to allegations of money laundering through the collection of “illegal” deposits from the public, officials said in a statement.
According to the ED, in the course of the search, it was found that criminal proceeds had been “diverted and invested” by Nandakumar into properties in his name, in the names of his spouse and children, and shares in Manappuram Finance Ltd. . .
“The ED has therefore frozen the assets of Nandakumar VP under the Prevention of Money Laundering Act (PMLA) totaling Rs 143 crore,” it said.
The frozen assets included deposits held in eight bank accounts, investments in listed stocks and shares in Manappuram Finance Limited, the agency said.
Manappuram Finance Ltd offers a range of products including online gold loans, micro home finance, foreign exchange and money transfers, business loans and secured personal loans.