Overview

• The ED’s Kochi zonal unit registered a case under the Prevention of Money Laundering Act after taking cognisance of Kerala Police FIRs.
• Investigators recorded George Alexander Muthoot’s statement and are reviewing records to trace the movement of investor funds.
• Complaints allege certain branch managers pitched 8–12% returns on instruments presented as Muthoot-backed and routed money to Srei Equipment Finance.
• About 49 retail investors, many senior citizens, report losses of roughly Rs 10.2 crore from 2017–2018 NCD investments that were not repaid at maturity.
• The company says Muthoot Securities only acted as a SEBI-registered broker using the branch network for administrative tasks and asserts no financial relationship with Srei.