Money laundering: ED raids state Co-op banks in Thrissur, Ernakulam districts

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Thrissur: The Enforcement Directorate (ED) on Monday conducted raids at various Kerala State Co-operative Banks in Thrissur and Ernakulam districts. The move from the ED officials came in the wake of the investigation into the scam-hit Karuvannur Cooperative Bank.

A team of around 40 officials launched inspection at various Cooperative banks in Ernakulam on Monday morning.

Earlier, the ED team discovered Benami transactions involving Karuvannur Cooperative Bank. It has come to light that the accused in the Karuvannur case used other Cooperative Banks for money laundering.

Satheesh Kumar alias Velappaya Satheesan, who is linked to former minister A.C. Moideen, is accused of laundering Rs 1.5 crore through Ayyanthole Service Co-operative Bank. According to reports, Satheesan, who is in ED's custody, revealed that he deposited the money in five accounts of his wife and family.

It is also reported that a Kochi native, Deepak, has allegedly formed around 9 shell companies to launder around Rs 5.5 crores.

Interestingly, the ED raid comes a day before A.C Moideen was summoned to appear before ED's office in Kochi on September 19 in the Karuvannur Bank Fraud Case.

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