ED freezes Rs 143cr assets of Manappuram Finance.indian news

Finance


New Delhi: After the raid this week on six premises of Manappuram Finance Ltd in Trishur, Kerala, and its managing director, Vice President Nandakumar, the Enforcement Department found 143 million rupees including eight bank accounts. He said the above assets were frozen.
The agency claimed that during the search, the criminal proceeds were found to have been diverted by Vice President Nandakumar and invested in real estate and stocks in his family’s name. Manapuram finance. The role of his CFO and other employees at the company, who are suspected of facilitating his money-laundering crimes, are being investigated.
Various criminal documents related to money laundering and investments in about 60 properties were also seized during the search.
“Investigations uncovered money laundering and large-scale cash transactions in public deposits, all of which were allegedly committed by Vice President Nandakumar without RBI approval, to his privately owned company, Manappuram Agro Farms ( MAGRO).” EDs claimed.
The group illegally collected public deposits at various branches of Manappuram Finance, the agency said. “Unpaid deposits collected illegally were found to amount to Rs 143 crore,” the agency said, adding that the company did not provide proof of repayment to depositors, as alleged before the RBI. The agency said deposits of Rs 5.3 billion were shown to have been returned in cash, but added that there was no evidence of repayment.





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