Manappuram Finance Provides Clarification on ED Searches; Extends Full Cooperation

It is important to note that any allegations or charges against the company are still under investigation and Manappuram Finance has not been found guilty of any wrongdoing.

Manappuram Finance, a leading finance company, has provided a statement regarding the recent searches conducted by the Enforcement Directorate (ED) on its premises. The company has also assured its full cooperation with the authorities.

On charges of illegal collection of deposits, the Enforcement Directorate had conducted searches at multiple locations linked to Manappuram Finance in Thrissur, Kerala. The company’s headquarters and the residence of promoter VP Nandakumar were also searched.

The ED had accused Manappuram Finance of collecting deposits worth over Rs 150 crore from the public without the Reserve Bank of India’s approval. Additionally, the agency suspected the company of conducting large scale cash transactions without following KYC norms.

Following the reports of searches at Manappuram’s offices and premises, the company’s shares plunged by 4% and hit a low of Rs 123.85 on BSE.

In response to the searches, Manappuram Finance issued a statement assuring its full cooperation with the authorities. The company stated that it is extending complete support to the department and is providing them with all the information they require.

“As the search is ongoing, we will be able to provide more information on its completion. Manappuram Finance Limited has always adhered to the best practices in corporate governance and compliances,” said the company in a filing.

As of writing this article, Manappuram Finance is extending full cooperation to the Enforcement Directorate in the ongoing search process. The company has always followed best practices in corporate governance and compliances, and it will provide more information once the search is over.

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