Enforcement Directorate conducts raids at former industrial minister's residence
Aug 22, 2023
Thiruvananthapuram (Kerala) [India], August 22 : The Enforcement Directorate (ED) has initiated raids at the residence of former Kerala Industrial Minister and Kunnamkulam MLA, A C Moideen.
A team of officers from the ED's Kochi unit is currently conducting the operation. The raid is being conducted in connection with the alleged 200-crore bank fraud uncovered in Thrissur’s Karuvannur Cooperative Bank.
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.
The searches are being carried for evidence of gathering details of alleged "benami" assets.
A C Moideen, a political figure in Kerala, has served in various government capacities, including as the Industrial Minister. He has been in the state's political landscape for several years.
More information on this ongoing investigation is expected to be released soon.
