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The Enforcement Directorate on Wednesday conducted searches at multiple premises linked to non-banking finance company Manappuram Finance in Kerala in connection with a money laundering investigation.
The officials stated the raids are being undertaken to gather evidences related to allegations of collecting public deposits worth over Rs 150 crore by the company in contravention of Reserve Bank of India (RBI) guidelines, reported PTI.
A total of four premises, including the headquarters of the company in Thrissur and those of its promoters are being searched, they said.
An email sent to the company did not elicit an immediate response.
The agency, according to sources, suspects “large-scale” cash transactions by the company and is looking at gathering documents and recording statements of the company executives in this context.
(With inputs from PTI)
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