Enforcement Directorate raids cooperative banks in Kerala

The Enforcement Directorate (ED) conducted simultaneous search operations across 20 premises in the Kerala districts of Thrissur, Ernakulam, and Kozhikode. The raids are part of investigations into three separate cooperative society fraud and money laundering cases.

In Ernakulam, the agency is probing the Angamaly Urban Cooperative Bank regarding alleged financial irregularities involving fraudulent loans estimated at approximately Rs 121 crore. In Kozhikode, searches were carried out at the Thennala Service Cooperative Bank concerning allegations of cheating through promised high interest rates and fake loans, with proceeds of crime estimated at Rs 10 crore.

In Thrissur, the investigation focuses on the Kuttanellur Service Cooperative Bank, which is accused of transferring mortgaged properties without the consent of owners and depositors, involving an estimated Rs 27 crore. The operations targeted bank offices as well as the residences of governing body members, employees, and other linked individuals.