BENGALURU - India’s federal financial crime agency on Thursday conducted searches on Franklin Templeton India’s former and current officers in Mumbai in relation to the closure of some funds in 2020, two sources said.

The Enforcement Directorate is conducting searches on Mr Vivek Kudva, former Asia-Pacific head of Franklin Templeton, his wife Roopa Kudva, who is also managing partner of Omidyar Network India, as well as on Mr Santosh Kamath, chief investment officer at Franklin Templeton, among others, the sources said on Thursday.

The searches are in connection with Franklin Templeton closing six debt schemes in April 2020, which it had blamed on a lack of liquidity due to Covid-19’s impact on the markets.

But the Securities and Exchange Board of India held the fund house and its officers guilty of mismanagement in June 2021.

Mr Kudva and Mrs Kudva were held guilty of withdrawing their own investments ahead of the closure of the schemes.

A spokesman for Franklin Templeton did not immediately respond to a request for comments.

Mr Kudva and Mrs Kudva could not be immediately reached for comment. REUTERS