Well-known Kerala-based director and CEO VP Nandakumar of NBFC Manappuram Finance Ltd had his fortune value Rs 143 crore frozen by legislation enforcement following raids by authorities.
The investigation
Following raids as a part of a cash laundering investigation, legislation enforcement officers introduced on Thursday that they had been seizing the belongings value Rs. 143 crore of well-known director and CEO VP Nandakumar of NBFC Manappuram Finance Ltd. frozen from Kerala. The searches, which started on Wednesday, included six places in Thrissur, the place the corporate is predicated.
In accordance with an announcement from the company, the investigation is about allegations of cash laundering, together with the “unlawful” acquisition of deposits from the inhabitants. The ED mentioned the searches discovered that Vice President Nandakumar had “diverted and invested in immovable property” the income from the crime on his behalf, on behalf of his partner and kids, and into the shares of Manappuram Finance Ltd.
In accordance with The Financial InstancesFrozen belongings embody:
- Deposits in eight financial institution accounts.
- Investments in listed shares.
- Shares of Manappuram Finance Restricted.
Proof Uncovered
It added that the searches additionally seized a number of “incriminating” papers alleging cash laundering and possession data for 60 properties.
ED acknowledged that “proof” had been collected of cash laundering and vital monetary transactions made by Vice President Nandakumar by means of his personal firm Manappuram Agro Farms (MAGRO) with out RBI approval within the type of public deposits.
In accordance with the report, Nandakumar obtained the deposits “illegally” by means of a number of workers of Manappuram Finance Restricted branches.
