According to officials, the Enforcement Directorate is conducting searches at some locations associated with asset Franklin Templeton and its former and current executives as part of a money laundering investigation.
As part of its investigation into the company and its promoters under the Prevention of Money Laundering Act (PMLA), the federal agency is seeking additional evidence.
They further revealed that they are searching the residential and office premises of Franklin. Meanwhile, the company said they were cooperating with the investigations. In a statement, the brand stated that “We continue to cooperate with all regulatory and statutory authorities and provide all data and information required by them.
“Franklin Templeton places great emphasis on compliance with regulations, and we have appropriate policies in place, consistent with Indian regulations and global best practices.”
Following its April 2020 decision to wind up six debt schemes with Rs 25,000 crore in assets under management (AUM) from 3 lakh investors, capital markets regulator Sebi issued a show-cause notice to the company in November 2020, citing liquidity challenges caused by the pandemic.