India’s federal financial crimes agency searched former and current officials of Franklin Templeton India in Mumbai on Thursday in connection with the 2020 closure of some funds, two sources told Reuters on Thursday.
The Enforcement Bureau is searching for Franklin Templeton’s former Asia-Pacific head Vivek Kudva, his wife Roopa Kudva, who is also a managing partner at Omidyar Network India, and Franklin Templeton chief investment officer Santosh Kamath, among others, the sources said.
The searches were linked to Franklin Templeton’s closing of six debt schemes in April 2020, which the firm blamed on illiquidity caused by the impact of Covid-19 on markets.
However, the Securities and Exchange Board of India (SEBI) ruled in June 2021 that the fund house and its managers had been mismanaged.
Vivek and Rupa Kudva were found guilty of withdrawing their own investments before the scheme ended.
A spokesman for Franklin Templeton did not immediately respond to a Reuters request for comment. Vivek and Rupa Kudva could not immediately be reached for comment.