Famous Kerala-based NBFC Manappuram Finance Ltd MD and CEO VP Nandakumar’s assets worth Rs 143 crore have been frozen by the Enforcement Directorate following raids by the authorities.
The Investigation
Following raids as part of a money laundering investigation, the Enforcement Directorate announced on Thursday that it had frozen the assets worth Rs 143 crore of prominent Kerala-based NBFC Manappuram Finance Ltd’s MD and CEO V P Nandakumar. The searches that were started on Wednesday covered six locations in Thrissur, where the firm is based.
According to a statement from the agency, the investigation involves accusations of money laundering, including the “illegal” acquisition of deposits from the general population. The ED said that during the searches, it was discovered that V P Nandakumar had “diverted and invested” the profits of the crime into immovable assets in his name, in the names of his spouse and children, as well as into the shares of Manappuram Finance Ltd.
As per The Economic Times, the frozen assets include:
- Deposits held in eight bank accounts.
- Investments in listed shares.
- Shares of Manappuram Finance Limited.
Uncovered Evidence
It added that during the searches, several “incriminating” papers indicating money laundering and property records for 60 immovable properties were also recovered.
ED stated that “evidence” about money laundering and significant financial transactions made by V P Nandakumar through his own company, Manappuram Agro Farms (MAGRO), without RBI clearance, in the shape of public deposits, had been collected.
According to the report, Nandakumar “illegally” obtained the deposits via several of the workers of Manappuram Finance Limited’s branch offices.
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