ED Searches Five Locations Throughout Kerala Following 200 Cr Bank Fraud In Thrissur
In connection with the suspected Rs 200 crore bank fraud at Thrissur’s Karuvannur Cooperative Bank, the Enforcement Directorate (ED) conducted search operations at five sites in Kerala.
The search operations were carried out on August 22 at 5 sites in the State, according to the ED, as part of an investigation into “benamis” and beneficiaries who siphoned off bank cash totaling more than Rs 150 crore from Karuvannur Service Cooperative Bank Ltd. According to the ED, 36 assets valued at Rs 15 Crore were confiscated during searches, while bank savings and fixed deposits worth Rs 28 lakh were frozen. A C Moideen, a former Kerala Industrial Minister and Kunnamkulam MLA, was the target of an ED raid that was finished yesterday.
A team of officers from the ED’s Kochi division, according to ED authorities, carried out the 22-hour raid operation at the MLA’s home. His bank account, which has a balance of Rs 31 lakh, has been blocked by the ED. When the search was finished, ED reported that “no records were found that linked him to the fraud.”According to authorities, the Enforcement Directorate would provide a press briefing on the subject from Delhi.
According to police, the search was carried out because of his involvement in a money laundering investigation into an alleged Rs 100 Crore loan scam at Karuvannur Service Cooperative Bank.Previously, on August 22, the ED began conducting searches at the home of the former Kerala Industrial Minister. Loans were reportedly given “in cash” to non-member benamis by secretly mortgaging the homes of underprivileged members. The proceeds were then utilized to enrich the accused.
As part of the action being conducted in accordance with the PMLA Act’s requirements, the federal agency is covering around six locations in the state. Searches were conducted to look for information on suspected “benami” assets. Moideen has held a number of positions within the government, including Industrial Minister. He has been active in state politics for a while now.
