ED freezes Manappuram Finance shares worth Rs 2,000 crore, CEO’s assets worth Rs 143 crore seized
The ED raided the office of Kerala-based NBFC and gold loan company Manappuram Finance Limited and its CEO. During the raid, the ED has seized assets worth Rs 143 crore of the CEO. Let us tell you, ED has raided the company in the case of money laundering.
After the ED raid, the CEO of the company issued a letter and gave his statement. He said that ED has frozen his shares worth 2000 crores. Along with this, he said that his company is fully cooperating in the investigation of ED.
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This is the allegation of ED
The ED said in its statement that the raids on Mannapuram’s locations have been done in the case of money laundering. They suspect that the company has embezzled money. He wrongly deposited the company’s money in the account of his employees. Apart from this, the company has wrongly deposited the earnings in the accounts of its family members. Apart from this, this money has also been invested in the shares of Manappuram Finance. ED has seized assets worth about 143 crores from the CEO’s premises during the raids.
The company had done strong planning
According to the information, the company had made a strong planning for the whereabouts of this money. Let us tell you, the company was planning to issue debt securities in the last month of this month. For this, the finance company was planning to raise money through the market.