ED Raids Cooperative Banks in Three Kerala Districts Over Alleged Financial Irregularities

The Enforcement Directorate (ED) on Wednesday conducted simultaneous searches at three cooperative banks and the residences of their officials, former employees and governing body members across Kerala as part of money laundering investigations linked to alleged financial irregularities.

The searches began around 6.30 a.m. across multiple locations in Thrissur, Ernakulam and Kozhikode, with ED teams from Kerala and Tamil Nadu participating in the operation.

The agency is conducting searches at the Angamaly Urban Cooperative Bank in Ernakulam, the Kuttanellur Service Cooperative Bank in Thrissur and the Thennala Service Cooperative Bank in Kozhikode in cases registered under the Prevention of Money Laundering Act (PMLA).

At Angamaly, the ED is investigating alleged fraudulent loans involving around Rs 121 crore. The searches cover the bank premises and residences of persons associated with the institution.

The residence of Shiju, a former employee and accountant of the Angamaly Urban Cooperative Bank, is also being searched. The ED has alleged that he played a key role in processing the fraudulent loans.

In Thrissur, ED teams are carrying out searches at five locations linked to the Kuttanellur Service Cooperative Bank, including its branches at Ancherichira, West Anchery and Padavarad. The residences of the former bank president and governing body members are also under scrutiny.

In Kozhikode, searches are underway at seven locations in connection with the Thennala Service Cooperative Bank.

The agency is examining financial records, loan documents, transactions and other material as part of its efforts to trace the alleged money trail and determine the roles of individuals connected with the suspected irregularities.

The searches come amid the ED’s continuing probe into alleged financial misconduct and money laundering in Kerala’s cooperative banking sector.