ED on Thursday stated that it has frozen belongings price Rs 143 crore after a search carried out on the firm’s registered workplace. The belongings that have been frozen embody 19,29,01,996 fairness shares within the firm held by him and a few paperwork have been seized, the company stated.
Manappuram’s promoter, V.P. Nandakumar, stated within the notification that the probe was not associated to the corporate however a non-public entity known as Manappuram Agro Farms, which is not in existence.
Nandakumar stated the company froze Manappuram Finance shares price about Rs 2,000 crore that he held, however assigned them a worth of about Rs 140 crore, including he was reviewing authorized choices within the matter.
Numerous “incriminating” paperwork exhibiting cash laundering and property paperwork of 60 immovable properties have been additionally seized throughout the course of the searches, ED stated on Thursday.
It claimed that “proof” relating to cash laundering and large-scale money transactions within the type of public deposits, completed by V P Nandakumar by his proprietary agency Manappuram Agro Farms (MAGRO), with out RBI approval, have been recovered.
The deposits have been “illegally” collected by Nandakumar at numerous department places of work of Manappuram Finance Restricted, a listed firm, by a few of its staff, it stated.”The excellent illegally collected deposits, that are the proceeds of crime, have been detected to be Rs 143 crore. When RBI detected the identical and directed to return the quantity to the depositors, the accused have responded to RBI that they’ve returned the cash to the depositors however ED investigation revealed that there isn’t any proof of compensation or no KYC of the depositors,” the ED alleged.
(with company inputs)
