AMN / WEB DESK
The Enforcement Directorate ED today conducted searches at multiple premises linked to non-banking finance company Manappuram Finance in Kerala as part of a money laundering investigation against it. according to media report qouting.
They said the raids are being undertaken to gather evidences related to allegations of collecting public deposits worth over Rs 150 crore by the company in contravention of Reserve Bank of India (RBI) guidelines.
Manappuram Finance, whose premises were searched by the Enforcement Directorate, on charges of illegal collection of deposits, has issued a clarification on the same. The company said that it is extending its full support to the department.
“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,” it said in a filing.
The agency carried out searches at multiple locations on premises linked to the company in Thrissur in Kerala. The company’s headquarters and searches of promoter VP Nandakumar were also searched.
ED has accused the company of illegal collection of deposits worth over Rs 150 crore from the public without Reserve Bank of India’s approval. They are also suspected of conducting large scale cash transactions without following KYC norms.
The agency, according to sources, suspects “large-scale” cash transactions by the company and is looking at gathering documents and recording statements of the company executives in this context.