In Thrissur, Kerala, the Enforcement Directorate is conducting searches at various sites on properties connected to the Manappuram Finance Limited group. Additionally, searches are conducted at the promoter VP Nandakumar's office and home.

The searches are being conducted by the ED in response to claims that deposits totaling more than Rs 150 crore were illegally collected from the general people without the Reserve Bank of India's (RBI) consent. Additionally, they may have engaged in significant cash transactions without adhering to KYC guidelines.

Four locations are being examined as part of the money laundering probe, including the company's Thrissur headquarters and those of VP Nandakumar.

The government is reviewing papers and taking notes on the CEOs' statements. On news of the searches, Manappuram Finance's stock fell 4% during trading on Wednesday. On the BSE, the stock dropped 4.47 percent to a low of Rs 123.85. 4.39 lakh shares have been traded overall, compared to a two-week average of 2.85 lakh shares. At 11.18 a.m., there were 5,71,678 sell orders compared to 4,75,854 buy orders.

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