Mannapuram Finance

The Enforcement Directorate on Thursday said it has frozen assets worth Rs 143 crore of prominent Kerala-based NBFC Manappuram Finance Ltd's MD and CEO V P Nandakumar after it conducted raids as part of a money laundering investigation.

He said lending to small businesses will start in the next three months, but refused to give a timeline for the housing business, saying that the company has for now decided only to enter the highly competitive fray.

The current loan-to-value for Manappuram stands at 75 per cent and for Muthoot at 62 per cent.

According to RBI, NBFCs should not grant any advance against bullion/ primary gold and gold coins.

The KK Nagar, Ghatlodia branch of Mannapuram Finance Company, which has several offices in the city and the state, was the scene of a daring robbery in which Rs 13.5 lakh were stolen. But a huge amount of gold, 25,175 gms in all, which was also in the safe, was left untouched. The area manager of the firm Sanju Velu, in his complaint to the Ghatlod...

The Enforcement Directorate on Thursday said it has frozen assets worth Rs 143 crore of prominent Kerala-based NBFC Manappuram Finance Ltd's MD and CEO V P Nandakumar after it conducted raids as part of a money laundering investigation.

He said lending to small businesses will start in the next three months, but refused to give a timeline for the housing business, saying that the company has for now decided only to enter the highly competitive fray.

The current loan-to-value for Manappuram stands at 75 per cent and for Muthoot at 62 per cent.

According to RBI, NBFCs should not grant any advance against bullion/ primary gold and gold coins.

The KK Nagar, Ghatlodia branch of Mannapuram Finance Company, which has several offices in the city and the state, was the scene of a daring robbery in which Rs 13.5 lakh were stolen. But a huge amount of gold, 25,175 gms in all, which was also in the safe, was left untouched. The area manager of the firm Sanju Velu, in his complaint to the Ghatlod...