VP Nandakumar, managing director and chief executive officer at Manappuram Finance, on Friday said he will move the Kerala High Court on Monday to seek a stay on the ongoing investigations by the Enforcement Directorate (ED) into money laundering charges against him.
“We have immediately engaged top lawyers in the country and they are very hopeful that by the next week, we will obtain a stay, both on continuing this investigation by the agency (ED) and to release whatever (assets) have been frozen… we are moving to the Kerala High Court on Monday and the case will come for hearing on Tuesday…,” the MD said.
The statement comes a day after the ED froze Rs 143 crore of Nandakumar’s assets, including eight bank accounts, investment in listed shares and shares of Manappuram Finance, for alleged violation of Prevention of Money Laundering Act, 2002. The ED said Nandakumar illegally collected deposits at various branch offices of Manappuram Finance Limited, through some of its employees.
Responding to the ED’s charges, Manappuram Finance filed an exchange notice on Friday wherein Nandakumar said shares that have been frozen by the ED are worth approximately Rs 2,000 crore, but the value attributed to them is around Rs 140 crore.