'No account of Muthoot was frozen'

KOCHI: The Muthoot Pappachan Group (MPG) had extended full and total cooperation to the Income Tax officials' team that had searched their offices during August 5 - 9, 2016, said a media statement from the group. It also said that no account of Muthoot Fincorp or any of their companies were frozen.
"We follow the stipulated ethical and legal standards in all our activities and have robust institutional measures to monitor as well as implement corporate governance as per the norms.Our group believes in doing business in the right, ethical and legitimate way," the statement further said.
Raids were conducted by the Income Tax department at offices and residences of directors and main employees of the Muthoot firms at 60 different locations