ED raids 20 premises across Thrissur, Ernakulam, Kozhikode over ₹92 crore fraud

Kochi: The Enforcement Directorate (ED) on Wednesday conducted searches at around 20 premises across three districts in Kerala as part of money laundering investigations into alleged fraud involving three cooperative societies.

The searches were carried out in Thrissur, Ernakulam and Kozhikode by the ED's Kerala zonal office in coordination with the state police, officials said.

The agency's action follows separate Enforcement Case Information Reports (ECIRs) registered in connection with alleged financial irregularities involving the Urban Co-operative Society, Thennela Service Co-operative Society and Kuttanellur Co-op Bank.

In the case involving the Urban Co-operative Society, office bearers are accused of allegedly issuing fake loans, resulting in losses to members. The proceeds of crime (PoC) in the case are estimated at around ₹55 crore. The ED searched around five to six premises in Ernakulam and nearby areas.

The agency is also investigating the Thennela Service Co-operative Society, where office bearers are accused of allegedly cheating members by promising higher interest rates and issuing fake loans. The estimated PoC in this case is around ₹10 crore. Around seven to eight premises in Kozhikode and neighbouring areas were searched.

The third case relates to Kuttanellur Co-op Bank, where office bearers are accused of allegedly transferring mortgaged properties without the consent of owners and depositors. The proceeds of crime in this case are estimated at around ₹27 crore.

The ED conducted searches at around five to six premises in Thrissur and nearby areas as part of the investigation.