VP Nandakumar, the embattled managing director and chief executive officer of Manappuram Finance, has secured a stay from the Kerala High Court on the investigations by the Enforcement Directorate (ED) into money laundering charges against him.
The court has asked Nandakumar to seek approval from the investigating agency before dealing in his moveable assets that were reportedly frozen by the ED.
The stay has been granted for two weeks and Nandakumar plans to seek some modifications in the guidelines issued by the court.
The Enforcement Directorate started searching multiple locations on premises linked to Manappuram Finance Limited in Kerala’s Thrissur. Searches are also carried out at the headquarters and residence of promoter Nandakumar.
The development followed allegations of illegal collection of deposits of more than Rs 150 crore from the public without the approval of the Reserve Bank of India (RBI). They are also suspected to doing large-scale cash transactions without following KYC norms.
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