Thiruvananthapuram: The Enforcement Directorate (ED) on Friday carried out raids at the offices of Nemom Service Cooperative Bank amid a money laundering investigation into alleged financial irregularities, officials said.

A team from the ED’s Kochi unit began search operations at various bank branches in the morning. Simultaneous searches were conducted at the residences of the bank’s board members and secretaries across Thiruvananthapuram, sources said.

Probe linked to Kerala Cooperative Department findings

The investigation, under the Prevention of Money Laundering Act (PMLA), followed an inquiry by the Kerala Cooperative Department, which flagged large-scale financial irregularities at the bank.

The CPM-controlled bank is currently under administrative control after the irregularities came to light. A preliminary inquiry suggested loan manipulations totalling around Rs 100 crore.

Irregular loan sanctions

Officials said loans had been sanctioned to non-members of the bank without adequate guarantees. The Kerala Crime Branch had earlier filed a case and arrested former bank secretaries in connection with the irregularities.

Former secretaries and board members are currently named as accused in the Crime Branch case, officials added.