ED acting on 'malafide' FIR related to 10-yr-old case: Manappuram Finance

A day after the Enforcement Directorate officials visited the premises of Manappuram Finance Ltd, VP Nandakumar, the company's Managing Director and CEO has said that the ED's visit has nothing to do with the business affairs of the company and was based on a malafide FIR filed by a person who harbour a personal grudge against him and his family.

The Enforcement Directorate (ED) conducted searches at six premises in Thrissur belonging to M/s Manappuram Finance Limited and its Managing Director VP Nandakumar under PMLA, 2002 on the allegations of money laundering from the illegal collection of deposits from the public, statement said.

VP Nandakumar clarified that the ED's visit to the premises of the company has nothing to do with the business affairs of Manappuram Finance and was based on a malafide FIR filed by a person who harbours a personal grudge against him and his family.

He said, "The case pertains to now-defunct Manappuram Agro Farms (Magro) which was a 10-year-old matter."

He also clarified that the total value of shares attached by ED is worth approximately Rs 2,000 crore, not around Rs 140 crore as stated.