BackKerala High Court negates FIR against Manappuram Finance CEO VP Nandakumar in money laundering case
Kerala High Court invalidates FIR against Manappuram Finance CEO in money laundering case.
PremiumManappuram Finance, a publicly listed company, officially confirmed that the Kerala High Court invalidated the FIR lodged against VP Nandakumar, the company's Managing CEO and Director, in connection to a money laundering case, reported moneycontrol.
Timeline
Kerala High Court directed Enforcement Directorate to return all original documents of properties frozen within three weeks from the receipt of the court's judgment, on September 12, Manappuram Finance said in a statement as reported by CNBC.
Earlier, Manappuram Finance informed the stock exchanges on August 28 about the Kerala High Court's decision to quash the ED's case against its Managing Director, Nandakumar and no new FIR has been registered since.
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In the BSE exchange on August 28, Manappuram Finance stated, "On August 25, 2023, after final hearing of both parties in relation to Crl. M.C. No. 5167 of 2023, the Hon’ble High Court of Kerala quashed Enforcement Case Information Report registered by the Enforcement Directorate as ECIR/36/KCZO/2022 dated September 6, 2022," reported CNBC.
VP Nandakumar, as per the company's statement, had provided a detailed chronology of the events surrounding the recent ED's raid targeting him. These raids were initiated following a complaint filed by PK Sagar, which was lodged with Judicial Magistrate Kodungallur.
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On May 5, ED had seized assets valued at ₹143 crore owned by Nandakumar following raids conducted as part of a money laundering investigation. The ED alleged that it had uncovered evidence of money laundering and substantial cash transactions in the form of public deposits conducted by Nandakumar through his sole proprietorship, Manappuram Agro Farms (MAGRO), without the necessary approval from the RBI, reported moneycontrol
These claimed to be "unlawful" deposits were collected at various branch offices of Manappuram Finance Limited with the involvement of certain employees, reported moneycontrol.
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