Manappuram Finance collected funds from the public without RBI’s approval
On Wednesday the Enforcement Directorate (ED) is conducting raids at Kerala’s Manappuram Finance in connection with allegations that the non-banking financial company (NBFC) collected funds from the public without the Reserve Bank of India’s approval.
The searches are being carried out at the premises of the company’s promoter and businesses.
Manappuram Finance is a well-known NBFC in India that offers a range of financial services, including gold, microfinance, and housing loans.
The company, which has been in operation for over three decades, has a significant presence in South India.
The ED is yet to officially comment on the ongoing raids.
[With Inputs from IANS]
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