ED seizes Rs 293 cr worth shares of ex-Tamilnad Mercantile Bank chairman

Diya jain @Diya_jain2 · Dec 28, 2021

The seized assets are in the form of shareholdings of Muthu alias MGM Maran in four Indian companies

The Enforcement Directorate (ED) on Tuesday said it has seized shares worth Rs 293.91 crore of former Tamil Nadu Mercantile Bank Limited Chairman Nesamanimaran Muthu in connection with a probe against him linked to alleged contravention of the FEMA law.

The seized assets are in the form of shareholdings of Muthu alias MGM Maran in four Indian companies: Southern Agrifurane Industries Private Limited, Anand Transport Private Limited, MGM Entertainment Private Limited and MGM Diamond Beach Resorts Private Limited.

The agency said in a statement that Muthu had incorporated two companies in

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