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Enforcement Directorate raids Manappuram Finance offices in Kerala

The Enforcement Directorate (ED) today raided the headquarters and offices of Manappuram Finance in Kerala in connection with an alleged money laundering case against the non-banking financial company, reports said.

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Manappuram Finance in Kerala

The Enforcement Directorate (ED) today raided the headquarters and offices of Manappuram Finance in Kerala in connection with an alleged money laundering case against the non-banking financial company, reports said.

According to reports quoting official sources, the ED conducted raids at four offices of Manappuram Finance across Kerala, including its headquarters in Thrissur and the home and office of its promoter VP Nandakumar.

They said the raids are part of the central probe agency’s investigation against the financial company for allegedly contravening Reserve Bank of India (RBI) guidelines and collecting public deposits worth over Rs 150 crore, adding that ED—which probes financial crimes—is investigating Manappuram Finance for alleged money laundering and the searches were undertaken to gather evidence in the purported case.

The sources claimed that the ED is looking at gathering documents and recording statements of the company executives in connection with its suspicion that the company has made “large-scale” cash transactions by violating KYC regulation set by the RBI, as per reports.

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They said that the financial crimes’ probe agency is investigating Manappuram Finance for money laundering but it unclear yet if a case has been filed in this regard by the ED.

A response from Manappuram Finance wasn’t available when this report was filed.

Meanwhile, the shares of the non-banking financial company slumped by 10 percent as the news of the ED raids at its premises broke.

Mannapuram Finance, a non-banking financial company with a significant foothold in South India, has been providing a myriad of financial services for the past over thirty years and some of its services including gold loans, housing loans, microfinance, among others.

The company had recently announced that it was considering various options for raising funds through borrowings, including issuing debt securities on onshore and offshore securities markets by public issue, private placement, or through commercial papers.

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India News

Finance Ministry urges public sector insurance companies to expedite claims of Kerala calamity victims

Documents required for processing claims have been comprehensively relaxed to hasten disbursement of the claim amounts,” announced the Ministry of Finance.

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The Finance Ministry on Saturday urged public sector insurance companies including Life Insurance Corporation of India (LIC) to speedily expedite the claim amount to landslide victims in Kerala.

Documents required for processing claims have been comprehensively relaxed to hasten disbursement of the claim amounts,” announced the Ministry of Finance.

It has asked all Public Sector Insurance companies to extend maximum support to the victims of the Kerala calamity to facilitate expeditious processing and payment of their insurance claims.

“In view of the sad landslide incident and rains in Kerala, the government has issued directions to Public Sector Insurance companies (PSICs), including LIC of India, National Insurance, New India Assurance, Oriental Insurance, and United India Insurance to extend all possible help to the affected people for quick processing and settlement of claim disagreements,” the Finance Ministry posted on X.

The Ministry has also stated that insurance companies have started reaching out to policyholders through newspaper advertisements, announcements on their websites, social media, and even SMSes. They have also provided contact details for assistance in places such as Wayanad, Palakkad, Kozhikode, Malappuram, and Thrissur—districts from where large numbers of claims were received.

The letter has also brought out the directions to LIC to further expedite the settlement of outstanding claim amounts due to the policyholders pertaining to PM Jeevan Jyoti Bima Yojana. Extensive relaxation in documentation requirements for the processing of claims has been provided so that the same could be processed expeditiously.

The General Insurance Council would also work in tandem with insurance companies for quick processing and disbursal of claims. For greater transparency and accountability, a special portal would be created where all insurers shall have to report the status of claims as of midnight every day. This facility seeks to expedite the process of claims settlement and ensure that dues are paid to policyholders in time, the Ministry of Finance has said.

The Central Government and the Ministry of Finance reiterated their commitment to helping the calamity victims and ensuring that they get adequate assistance without delay and hassles.

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India News

Indian army constructs Bailey bridge in Wayanad after devastating landslides

“We are searching for bodies too, unfortunately,” he added, underlining the grim reality.

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The Madras Engineering Group of the Indian Army built a 190-feet-long Bailey bridge between the worst-affected areas Mundakkai and Chooralmala in the Wayanad district of Kerala, on Tuesday. Work began at 9:30 PM on Wednesday and was completed by 5:30 PM on Thursday.

The bridge, with a weight-carrying capacity of 24 tonnes, was inaugurated by Major General VT Mathew, GOC Karnataka and Kerala Sub-Area, who crossed the bridge in his official vehicle. It has immensely eased the transportation of men and materials in the disaster-stricken area. “It has made transportation of men and material much easier,” said Major General Mathew.

Its completion was timely, with rescue efforts still underway following devastating landslides in the region. Major General Mathew expressed hopes that more survivors would be found, considering how difficult it would have been for those stuck beneath or separated from their phones to reach out for help. “We are searching for bodies too, unfortunately,” he added, underlining the grim reality.

District officials confirmed a death toll of over 290, adding that the Army and others involved in the operation had retrieved 120 bodies. The casualty count was likely to go up more with the continuing search operations. Advanced types of equipment, including radar and sniffer dogs, are being pressed into service to detect bodies buried deep under the rubble. Advanced thermal scanners, being used now, are proving to be less effective as a body does not emit heat.

Rescuers had earlier used temporary wooden bridges to reach marooned people. However, those bridges collapsed in the rain on Wednesday. Material for the Bailey bridge was air-lifted from Delhi and Bengaluru to Kannur airport and brought here in 17 trucks.

There is still a race against time for many of the rescuers in search of survivors, trapped underneath the rubble of collapsed buildings, amidst harsh conditions. The new bridge, therefore, stands as a tribute to the speed of the Indian Army and its commitment to helping the communities most in need at Wayanad during this disaster.

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Kerala News

Wayanad MP Rahul Gandhi visits LS constituency, meets families of elephant attack victims

Before his departure to Allahabad, Gandhi will join district officials for an assessment and review meeting at the PWD rest house in Kalpetta.

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Congress leader and Wayanad MP Rahul Gandhi on Sunday visited his Lok Sabha constituency and met the families of the two victims of the recent wild elephant attacks in this high-range district and consoled their family members.

On Saturday night, Gandhi arrived in the neighbouring Kannur district after abandoning his Bharat Jodo Nyay Yatra in Varanasi due to intense protests by locals, who were seeking solutions to the human-animal conflicts in his constituency. He then travelled by road to Wayanad, accompanied by AICC General Secretary K C Venugopal and other local leaders.

During his visit, Gandhi spent over 20 minutes at the house of Aji (42), who was trampled to death by a radio-collared elephant in the Mananthavady area of Wayanad district. This incident triggered massive protests also last week.

Subsequently, he paid a visit to Paul’s residence, an eco-tourism guide from the forest department who tragically lost his life to a wild tusker near Kuruva island on Friday, and spent some time there. Additionally, the MP is anticipated to pay a visit to the house of Prajeesh, who tragically lost his life in a tiger attack.

KC Venugopal, a member of the Congress Working Committee, accompanied Gandhi. After the meeting, the bereaved families spoke to news reporters and expressed their concerns about the ineffectual response of the Forest Department to wild animal threats, as well as the lack of facilities for specialised care in State-funded hospitals in the district.

Before his departure to Allahabad, Gandhi will join district officials for an assessment and review meeting at the PWD rest house in Kalpetta.

There have been frequent reports of attacks on both livestock and humans in Wayanad recently. On Saturday, there was a violent escalation during the hartal organised by political parties to protest the rise in wild animal attacks.

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