Kochi, November 5, 2026 (Yes Punjab News)
The Enforcement Directorate (ED) has seized and frozen assets worth Rs 103 crore while investigating an alleged financial fraud involving Bharath Lajhna Multi State Housing Co-operative Society Ltd (BLMSHCS) and its founder, R. Premkumar.
The action followed searches at 12 locations across Kerala and Chennai on Wednesday. The ED’s Kochi Zonal Office conducted the searches under the Prevention of Money Laundering Act (PMLA).
According to the agency, the case concerns the alleged misappropriation of public deposits collected by the housing society and their diversion towards acquiring assets for Premkumar and his family.
The assets seized or frozen include eight luxury cars valued at around Rs 7 crore, 7.4 kg of gold jewellery worth Rs 9.6 crore, shares valued at Rs 80 crore, immovable properties worth Rs 5 crore and bank balances of Rs 1.86 crore.
The vehicles include Porsche, Rolls-Royce, Toyota Vellfire and Mercedes-Benz models.
The ED investigation follows cases registered by the Kerala Crime Branch and state police in connection with the alleged fraud. The central agency is examining around 320 bank accounts linked to the society and its founder, suspecting that depositors’ money was routed through these accounts and used to acquire assets in the names of family members and related entities.
Premkumar was arrested by the Kerala Police Crime Branch on October 29 but was subsequently released on bail following alleged procedural lapses in the arrest.
The ED said its probe had found that Premkumar and his associates allegedly diverted funds collected from depositors for personal gain. Investigators are also examining allegations that properties belonging to the society were mortgaged and the funds raised through them misused.
The suspected proceeds of crime were initially estimated at around Rs 80 crore in the police FIR. However, the ED said its investigation indicated that the alleged diversion could involve a substantially larger amount.
Further investigation is underway.
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