World · South & Central Asia · 2 hrs ago
ED searches 17 locations in Keralam over alleged co-operative bank fraud
The Enforcement Directorate searched 17 locations across Keralam over alleged fraud at three co-operative banks.
The cases involve 27 complaints and nearly ₹550 crore, according to the agency.
At Urban Co-operative Society in Angamaly, investigators say 159 loans worth about ₹33.82 crore showed serious irregularities, including missing or improper property documents.
The probes also concern alleged deposit fraud and irregular loans at Thennala Service Co-operative Bank, and allegedly illegal lending at Kuttanellur Co-operative Bank.
The agency said it seized documents and digital devices, and froze deposits and bank accounts in two of the investigations.
The searches are part of ongoing money-laundering investigations based on police cases, and the agency has not described what further steps it will take.
The Enforcement Directorate conducted simultaneous searches at 17 premises in Keralam over alleged fraud involving three co-operative banks or societies.
The cases involve 27 alleged frauds amounting to nearly ₹550 crore, according to the agency.
The searches covered locations linked to Urban Co-operative Society Limited in Angamaly, Thennala Service Co-operative Bank and Kuttanellur Co-operative Bank.
The ED said it seized documents and digital evidence and froze fixed deposits and bank accounts in connection with two of the investigations.
- Who
- The Enforcement Directorate conducted the searches.
- What
- It searched 17 premises in connection with alleged fraud at three co-operative banks or societies.
- When
- Wednesday; the agency issued its statement on Thursday. The article does not give calendar dates for these events.
- Where
- Across Keralam, including areas in Ernakulam, Malappuram, Kozhikode and Thrissur.
- Why
- The searches were part of investigations into alleged fraudulent loans, deposit schemes and misuse of bank funds.
This story does not have two clearly opposing sides.
The ED conducted simultaneous searches at 17 premises across Keralam.
The agency issued a statement about the searches.
- Searches
- 17 premises across Keralam
- Alleged cases
- 27 cases involving nearly ₹550 crore
- Banks and societies
- Urban Co-operative Society Limited, Thennala Service Co-operative Bank and Kuttanellur Co-operative Bank
- Urban society loans
- 422 loans worth approximately ₹96.74 crore were sanctioned against 108 properties belonging to 65 members
- Thennala deposits
- 20 fixed deposits and bank accounts with an aggregate balance of approximately ₹24.50 lakh were frozen
What people are saying
Investigation has revealed that 422 loans amounting to approximately ₹96.74 crore were sanctioned against 108 immovable properties belonging to 65 members.
Serious irregularities were identified in 159 loans amounting to approximately ₹33.82 crore, including the absence of original title deeds, use of photocopies of deeds, absence of registered mortgages, incomplete loan applications, and loans sanctioned in the names of ineligible or non-existent persons.
During the search operations, incriminating documents and details relating to two immovable properties were recovered.