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