ED raids Cooperative Banks in three Kerala districts in financial irregularities cases

Posted on by Vividh Bharathi

Thiruvananthapuram, Oct 7 (IANS) The Enforcement Directorate (ED) on Wednesday launched a major search operation at Cooperative Banks and the residences of their officers and governing body members across three districts of Kerala as part of its investigation into alleged financial irregularities and money laundering.

The searches are being conducted simultaneously at multiple locations in Thrissur, Ernakulam and Kozhikode in connection with cases registered under the Prevention of Money Laundering Act (PMLA).

The ED teams began the operation around 6.30 a.m., with officials from Kerala and Tamil Nadu taking part in the searches.

The operation focuses on the Angamaly Urban Cooperative Bank in Ernakulam, the Kuttanellur Service Cooperative Bank in Thrissur and the Thennala Service Cooperative Bank in Kozhikode.

The searches cover bank offices as well as the residences of members of the governing bodies, serving and former employees and other persons linked to the institutions.

The ED had earlier detected alleged financial irregularities of around Rs 121 crore at the Angamaly Urban Cooperative Bank through fraudulent loans.

The latest searches are understood to be part of the agency’s efforts to trace the money trail and establish the role of those allegedly involved in the irregularities.

The residence of Shiju, a former employee and accountant of the Angamaly Urban Cooperative Bank, is also being searched.

According to the ED, Shiju was among those who allegedly played a key role in the processing of fraudulent loans.

In Thrissur, the agency is conducting searches at five locations linked to the Kuttanellur Service Cooperative Bank.

Its branches at Ancherichira, West Anchery and Padavarad are being searched.

The residences of the former bank president and members of the governing body are also under scrutiny.

The ED is conducting searches at seven locations in Kozhikode in connection with the Thennala Service Cooperative Bank.

The latest operation assumes significance against the backdrop of the ED’s continuing investigations into alleged financial irregularities in Kerala’s cooperative banking sector.

The agency is examining the role of bank officials and others and is expected to scrutinise loan records, financial transactions and other documents during the searches.

–IANS

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