The Enforcement Directorate (ED) on Wednesday conducted searches at around 20 premises across Kerala as part of three separate money-laundering investigations involving alleged financial irregularities of about Rs 92 crore in cooperative institutions, media reports say.
The searches were carried out by the ED’s Kochi zonal office in coordination with the state police and covered premises linked to suspects in the Angamaly Urban Service Co-operative Bank, Thennala Service Co-operative Bank and Kuttanellur Service Co-operative Bank cases. Reports put the locations across Ernakulam, Malappuram, Kozhikode and Thrissur, with the operations focusing on bank premises as well as residences of former office-bearers and employees.
The largest of the three cases concerns the Angamaly Urban Service Co-operative Bank in Ernakulam, where the alleged proceeds of crime have been estimated at around Rs 55 crore. The investigation relates to alleged cheating and forgery through loans sanctioned on forged applications, applications lacking mandatory documents and applications submitted in the names of non-members.
According to reports, Kerala Police had earlier registered cases against 14 former and serving governing committee members and six employees. The ED searches reportedly covered several premises linked to the case, including the residence of a former accountant.
The second investigation involves Thennala Service Co-operative Bank in Malappuram. The alleged financial irregularities are estimated at about Rs 10 crore and concern purported fraudulent loan sanctions, misappropriation of funds and inducement of depositors through promises of higher interest. ED teams searched multiple premises linked to the case in the Kozhikode-Malappuram region.
The third case relates to Kuttanellur Service Co-operative Bank in Thrissur, involving alleged irregularities of approximately Rs 27 crore. The case centres on alleged transfer of mortgaged properties without the consent of owners and depositors. Local reports said searches covered the bank’s head office and branches as well as residences of former office-bearers.
Earlier investigations into the bank had also flagged allegedly irregular loans, including loans reportedly sanctioned using death certificates issued in the names of living persons.
Taken together, the three cases involve alleged financial wrongdoing totalling about Rs 92 crore. The ED action is being conducted under separate Enforcement Case Information Reports registered in connection with suspected money laundering and proceeds of crime.
The searches are aimed at tracing the money trail, identifying assets and collecting documentary and digital evidence relevant to the investigations. The allegations remain subject to investigation and legal proceedings.
