Irregularities in cooperative banks: ED raid in three districts, searches in houses of employees

KOCHI: The Enforcement Directorate (ED) has launched widespread searches focusing on the cooperative banks across the state. The raids are being conducted in Thrissur, Ernakulam and Kozhikode. The searches are underway at the offices of banks as well as the residences of governing body members and employees. According to ED, the action is part of the ongoing investigation into cases registered under the Prevention of Money Laundering Act (PMLA).

The ED raids are presently undergoing at five locations in Thrissur and four centres linked to the Angamaly Urban Cooperative Bank in Ernakulam. The ED had earlier found irregularities amounting to Rs 121 crore at the Angamaly bank through fraudulent loans. Following this, the investigation has now been extended to the residences of governing members and officials.

A raid is being conducted at the residence of Shiju, former accountant of Angamaly Urban Cooperative Bank. According to the ED, fraudulent loans were processed under Shiju’s leadership. Searches are also underway at Anchery Chira, West Anchery and Padavarad, which are branches of the Kuttanellur Service Cooperative Bank. The residences of the bank’s former president and governing members are also being searched. The raids started Wednesday morning at around 6:30 am.