The Enforcement Directorate (ED) has reportedly frozen the assets of V.P. Nandakumar, managing director (MD) and CEO, Manappuram Finance. The assets worth almost Rs 143 crore have reportedly been frozen as a part of investigation under PMLA, 2002.
As per media reports, the frozen assets include eight bank accounts, investments in listed shares and shares of Manappuram Finance Ltd. In addition to this, various documents showing money laundering and property documents were also reportedly seized during the investigation.
For the unversed, ED has conducted searches under PMLA, 2002 at six premises in Thrissur that belonged to Manappuram Finance Ltd and its MD. It has been alleged that cases of money laundering from illegal collection of deposits from public have been observed.
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As per a report in HBL, the outstanding illegally collected deposits have amounted to Rs 143 crore. So, when the Reserve Bank of India (RBI) detected the same and returned the amount to depositors, the accused told RBI that they have returned the money. However, the ED investigation revealed that there is no proof of repayment or no KYC of the depositors.
Additionally, the report adds that during searches, it was found that the proceeds of crime have been diverted and invested into immovable properties in his name, spouse and children, and into the shares of Manappuram Finance.
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