ED searches premises linked to Manappuram Finance, promoter VP Nandakumar’s residence

The Enforcement Directorate is carrying out searches at multiple locations on premises linked to Manappuram Finance Limited group  in Kerala’s Thrissur. Searches are also carried out at the headquarters and residence of promoter VP Nandakumar. 

The searches are being carried out by ED on allegations of illegal collection of deposits of more than Rs 150 crore from the public without the approval of Reserve Bank of India (RBI). They are also suspected to doing large scale cash transactions without following KYC norms. 

A total of four premises, including the headquarters of the company in Thrissur and those of VP Nandakumar are being searched as part of the money laundering investigation. 

The agency is looking at documents and recording statements of the company executives. 

Shares of Manappuram Finance plunged 4 per cent in Wednesday's trade on reports of the searches. The stock declined 4.47 per cent to hit a low of Rs 123.85 on BSE. A total of 4.39 lakh shares traded so far against a two-week average of 2.85 lakh shares. Against buy orders of 4,75,854 shares, there were sell orders of 5,71,678 shares at 11.18 am.

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