ED raids Manappuram Finance premises in Kerala on money laundering charges
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New Delhi: The Enforcement Directorate (ED) is conducting raids at multiple premises of non-banking finance company (NBFC) Manappuram Finance in Kerala in connection with a money laundering investigation against it, official sources said.
Searches are being conducted by ED in response to the allegation that it collected funds amounting to more than Rs 150 crores illegally from the public without the consent of the Reserve Bank of India (RBI).
The raids on Wednesday are being carried out at the headquarters of the company in Thrissur and the premises of the company's promoters.
The anti-money laundering organisation searched a number of locations on properties connected to the company in Thrissur, reports Business Today.
Additionally, searches were conducted at the promoter VP Nandakumar's office and home.
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.
Manappuram Finance is a well-known NBFC in India that offers a range of financial services, including gold, microfinance, and housing loans. The company, which has been in operation for over three decades, has a significant presence in South India.
The ED is yet to officially comment on the ongoing raids.
Meanwhile, shares of Manappuram Finance Ltd slumped over 9% on Wednesday's trading session following reports of the ED raids at the NBFC.
With inputs from PTI
