The Enforcement Directorate (ED) has seized documents and digital devices and frozen fixed deposits and bank accounts worth over Rs 2 crore during searches at 17 premises linked to three cooperative banks in Kerala, media reports say.
The searches were conducted under the Prevention of Money Laundering Act (PMLA) as part of investigations into an alleged cooperative bank fraud involving proceeds of crime estimated at Rs 550 crore.
The agency also recovered documents relating to 40 immovable properties during the searches conducted on Wednesday.
