Muthoot Group head questioned in money laundering case
George Alexander Muthoot, head of the Muthoot Group, was questioned by the Enforcement Directorate (ED) in October 2025 about an alleged money laundering case.
The issue centers on some Muthoot Finance branch managers who reportedly promised investors high returns—8-12%—on fixed deposits and NCDs, with the NCDs from Srei Equipment Finance Limited, while allegedly misrepresenting Srei as part of the Muthoot Group.
This led to complaints from investors who say they weren't repaid.
Muthoot Finance denies fraud, ED records statement
Muthoot Finance has firmly denied any role in fraud or money laundering.
They clarified that their SEBI-registered subsidiary only acted as a broker for Srei's NCDs and that they have no financial connection with Srei or its promoters.
The ED has recorded George Alexander Muthoot's statement under the Prevention of Money Laundering Act as part of its ongoing investigation.