Kerala HC nullifies FIR in money laundering case against Manappuram Finance CEO
Thiruvananthapuram: Manappuram Finance on Wednesday confirmed that the Kerala High Court has dismissed the FIR filed against V. P. Nandakumar, the company's Managing Director and CEO, in connection with a money laundering case, Moneycontrol reported.
On September 12, 2023, the Kerala High Court directed the Enforcement Directorate to return all original documents of the frozen properties within three weeks of receiving the court's judgment.
The Kerala High Court had nullified the Enforcement Directorate's (ED) case on August 28, and no new FIR has been filed since then.
The probe agency claimed that it had discovered proof of money laundering and substantial cash transactions involving public deposits conducted by Nandakumar via his sole proprietorship, Manappuram Agro Farms (MAGRO), without the required authorization from the RBI.
The gathering of these deposits, characterized as "illicit," occurred at various branch offices of Manappuram Finance Limited, a company listed on the stock exchange, with the participation of specific employees, the statement further stated.
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