Manappuram Finance on Sunday said that its Managing Director V P Nandakumar has received an interim stay order from the High Court of Kerala directing him to take prior approval of ED before dealing in his movable properties which were reportedly frozen by the investigating agency on allegations of money laundering.

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This is for a period of two weeks from May 12, 2023.

The company has been informed that Nandakumar will be approaching the court for modification of the conditions in the stay order.

Also read: Manappuram shares drop 13% on money laundering allegations, Rs 143 crore assets frozen

The Enforcement Directorate (ED) had reportedly frozen assets of Mannapuram Finance and Nandakumar on allegations of money laundering through illegal deposits from public.

These properties are worth around Rs 143 crore and located in Kerala’s Thirssur. ED had said that it had estimated Rs 143 crore to be collected from the public illegally, and despite an RBI order to return the same to the depositors, no proof of the repayment, which was claimed to be done, was recorded.

ED is investigating the role of the chief financial officer and other officials of the company in facilitating the alleged money laundering.

Also read: ED seizes Rs 360 crore worth of fixed deposits of Chettinad Group company