Manappuram Finance has officially announced that the Kerala High Court has nullified the FIR registered against V. P. Nandakumar, the Managing Director and CEO of the company, in relation to a money laundering case.
The Kerala High Court, on September 12, 2023, instructed the Enforcement Directorate to return all original documents of the frozen properties within three weeks from the receipt of the court's judgment.
The Kerala HC had quashed the Enforcement Directorate's (ED) case on August 28, and no fresh FIR has been registered ever since.
Background
On May 5, 2023, the Enforcement Directorate (ED) seized assets valued at Rs 143 crore belonging to VP Nandakumar following raids conducted as part of a money laundering investigation.
It claimed that it had unearthed evidence of money laundering and significant cash transactions in the form of public deposits carried out by Nandakumar through his sole proprietorship, Manappuram Agro Farms (MAGRO), without the necessary approval from the RBI.
The collection of these deposits, described as "unlawful," took place at multiple branch offices of Manappuram Finance Limited, a publicly listed company, through the involvement of certain employees, the statement added.
Shares of Manappuram Finance are in the green, trading 4.5 percent higher as of 12.28 pm.
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