Manappuram Finance - ED conducts Raid

Manappuram Finance - ED conducts Raid

Manappuram Finance in adverse development has seen ED conducting searches on its offices for alleged money laundering and flouting of KYC norms.In a statement issued later in the day, Manappuram Finance said, ‘’ED is conducting a search at our registered office. We are extending full cooperation to the ED, providing complete info sought by them.''

Manappuram Finance in adverse development has seen ED conducting searches on its offices for alleged money laundering and flouting of KYC norms.

The ED conducted searches based on the allegations of illegal collection of deposits of more than 150 crore from the public without RBI's approval. The Kerala-based NBFC is also suspected of doing large-scale cash transactions by violating KYC norms.

In a statement issued later in the day, Manappuram Finance said, ‘’ED is conducting a search at our registered office. We are extending full cooperation to the ED, providing complete info sought by them.''

https://www.livemint.com/news/india/ed-conducts-searches-at-manappuram-finance-11683092851592.html

# Disclaimer- Please note that this Blog has been created with the primary goal of providing its readers with up-to-date information on the Financial Markets. Its purpose is to share knowledge about Financial products, insights from Market experts, recent developments in the financial industry, and business-related information about companies. It is important to emphasize that the Blog should not be interpreted as providing any form of advice. It does not intend to recommend or endorse the buying, selling, or trading of any financial product. The Blog is purely educational in nature.

Stay Connected