ED conducts searches against Franklin Templeton in Mumbai, Chennai
Mumbai, Mar 16 (PTI) The Enforcement Directorate is conducting searches at some places linked to asset manager Franklin Templeton and its former and current executives in Mumbai and Chennai as part of a money laundering investigation, officials said.
The federal agency is looking to gather more evidence as part of its investigation against the company and its promoters under the Prevention of Money Laundering Act (PMLA), they said.
In November 2020, capital markets regulator Sebi issued a show-cause notice to the company following its April 2020 decision to wind up six debt schemes having Rs 25,000 crore of assets under management (AUM) from 3 lakh investors, citing liquidity challenges because of the pandemic.
