ED raids Manappuram Finance premises in Kerala
The company allegedly collected public deposits worth more than Rs 150 cr in contravention of RBI guidelines, ED said
Kochi: The Enforcement Directorate on Wednesday conducted searches at multiple premises linked to prominent Kerala-based NBFC Manappuram Finance Ltd as part of a money laundering investigation against it, official sources said.
The raids are being undertaken to gather pieces of evidence related to allegations that the company collected public deposits worth more than Rs 150 crore in contravention of Reserve Bank of India (RBI) guidelines, they said.
A total of four premises including the headquarters of the company in Thrissur and those of its MD and CEO V P Nandakumar were searched, they said. The company said in a stock exchange filing that it was extending full cooperation to the agency. "The ED is conducting a search at our Registered Office. We are extending full cooperation to the Department, including providing complete information sought by them. "As the search is ongoing, we will be able to provide more information on its completion. Manappuram Finance Limited has always adhered to the best practices in corporate governance and compliances," the company said.