Enforcement Directorate Questions Managing Director Of Kerala-Based Muthoot Group In Money-Laundering Case

Kochi: The Enforcement Directorate (ED) on Friday questioned George Alexander Muthoot, the managing director of the Kerala-based Muthoot Group, in a money-laundering case linked to an investors fraud case, official sources said.

STORY | ED questions Muthoot Group MD in investors 'fraud' case

The Enforcement Directorate (ED) on Friday questioned George Alexander Muthoot, the managing director of the Kerala-based Muthoot Group, in a money-laundering case linked to an investors fraud case, official sources… pic.twitter.com/72hcGeEKqH

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The Kochi zonal unit of the ED has filed a case under the Prevention of Money Laundering Act (PMLA), taking cognisance of a clutch of FIRs lodged by the Kerala Police.

RBI Imposes ₹2.7 Lakh Penalty On Muthoot Fincorp For Non-Compliance

The police complaints allege that the accused, primarily Muthoot Finance branch managers, lured investors with the promise of returns in the range of 8 to 12 per cent on certain fixed deposits and non-convertible debentures (NCDs), but "diverted" the funds to a company named Srei Equipment Finance Limited.

This company was "misrepresented" as a sister concern of the group, the sources said.Due to this, the investors faced non-repayment of funds upon maturity and hence, were cheated, they added.The ED had summoned Muthoot to depose at its office here and recorded his statement in the case, the sources said.

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