NEW DELHI: After conclusion of searches at six premises of Manappuram Finance Ltd in Trishur, Kerala, and its managing director VP Nandakumar over this week, the Enforcement Directorate said it has freezed assets worth over Rs 143 crore, including eight bank accounts.
The agency claimed that during searches, it was found that the proceeds of crime had been diverted and invested by VP Nandakumar into immovable properties in the names of his family members and into the shares of Manappuram Finance. The role of the company’sCFO and other employees, suspected to have assisted in the offence of money laundering, is being investigated.
Various incriminating documents related to money laundering and investments in about 60 properties were also seized during the searches.
“Investigation revealed money laundering and large scale cash transactions of public deposits, all done by VP Nandakumar through his proprietary firm, Manappuram Agro Farms (MAGRO) without RBI approval,” the ED claimed.
The group collected public deposits illegally at various branch offices of Manappuram Finance, the agency said. “The outstanding illegally collected depositshave been detected to be Rs 143 crore,” the agency said, and added that the company has provided no proof of repayment to depositors as claimed before the RBI. The agency added, Rs 53 crore of deposits are shown to have been returned in cash, but with no proof of repayment.
The agency claimed that during searches, it was found that the proceeds of crime had been diverted and invested by VP Nandakumar into immovable properties in the names of his family members and into the shares of Manappuram Finance. The role of the company’sCFO and other employees, suspected to have assisted in the offence of money laundering, is being investigated.
Various incriminating documents related to money laundering and investments in about 60 properties were also seized during the searches.
“Investigation revealed money laundering and large scale cash transactions of public deposits, all done by VP Nandakumar through his proprietary firm, Manappuram Agro Farms (MAGRO) without RBI approval,” the ED claimed.
The group collected public deposits illegally at various branch offices of Manappuram Finance, the agency said. “The outstanding illegally collected depositshave been detected to be Rs 143 crore,” the agency said, and added that the company has provided no proof of repayment to depositors as claimed before the RBI. The agency added, Rs 53 crore of deposits are shown to have been returned in cash, but with no proof of repayment.
