ED searches 5 locations in Kerala in connection with Thrissur's Karuvannur Bank fraud
Aug 24, 2023
Thiruvananthapuram (Kerala) [India], August 24 : The Enforcement Directorate (ED) carried out search operations at five locations in Kerala in connection with the alleged Rs 200-crore bank fraud in Thrissur’s Karuvannur Cooperative Bank.
According to the ED, the search operations were conducted on August 22 at 5 locations across the State as part of an investigation against "benamis" and beneficiaries who siphoned off bank funds of more than Rs 150 crore from Karuvannur Service Cooperative Bank Ltd.
During searches, bank deposits and Fixed Deposits worth Rs 28 lakh were frozen and 36 properties valued at Rs 15 Crore were seized, said the ED.
Yesterday, the ED concluded its raid at the residence of former Kerala Industrial Minister and Kunnamkulam MLA, A C Moideen.
According to the ED officials, a team of officers from the Kochi unit of the ED conducted the 22-hour raid operation at the MLA’s residence.
The ED has frozen his bank account which has a Rs 31 lakh balance.
After completing the search, ED informed that "no records were found that linked him to the fraud.
"The Enforcement Directorate will release a press brief from Delhi on the matter, officials said.
The raid was conducted because of his connection with a money laundering probe into the alleged Rs 100 Crore loan fraud at Karuvannur Service Cooperative Bank, said officials.
Previously, the ED had initiated raids at the residence of the former Kerala Industrial Minister on August 22.
Loans were allegedly disbursed "in cash" to non-member benamis by mortgaging properties of poor members without their knowledge and laundered to the benefit of the accused.
The federal agency is covering about half a dozen premises in the state as part of the action being undertaken as per the provisions of the PMLA Act.
Searches were carried out for evidence of gathering details of alleged "benami" assets.
Moideen has served in various government capacities, including as the Industrial Minister. He has been in the state's political landscape for several years.
