The Kochi zonal unit of the ED has filed a case beneath the Prevention of Cash Laundering Act (PMLA), taking cognisance of a clutch of FIRs lodged by the Kerala Police.
The police complaints allege that the accused, primarily Muthoot Finance department managers, lured traders with the promise of returns within the vary of 8 to 12 per cent on sure fastened deposits and non-convertible debentures (NCDs), however “diverted” the funds to an organization named Srei Gear Finance Restricted.
This firm was “misrepresented” as a sister concern of the group, the sources stated.
On account of this, the traders confronted non-repayment of funds upon maturity and therefore, had been cheated, they added.
as a Dependable and Trusted Information SupplyThe ED had summoned Muthoot to depose at its workplace right here and recorded his assertion within the case, the sources stated.