Half-price scam: ED conducts raid at 12 locations; bank accounts frozen, money laundering suspected

KOCHI: The Enforcement Directorate (ED) conducted raids at 12 locations, including the homes of the main accused Ananthu Krishnan and K.N. Anandakumar, Chairman of Sai Gramam Global Trust, yesterday in connection with the half-price scam case. Several bank accounts were also frozen during the raids. It is reported that indications of money laundering transactions were discovered during the raids.

Raids were carried out at various locations, including Ananthu Krishnan's office and house in Thodupuzha, various offices of NGO Confederation and Janaseva Samithi. The raid, conducted by the Kochi unit officials at Anandakumar's residence in Sasthamangalam, Sai Gramam Trust office in Thonnakkal, and the flat of Adv Laly Vincent near the Ernakulam High Court, began at 9 AM and continued until late evening. The search at Laly Vincent's flat was carried out in her presence. Ananthu Krishnan's house was locked following his arrest, and it was his brother-in-law who opened the house.

The Enforcement Directorate (ED) has reportedly frozen bank accounts belonging to Ananthu Krishnan (Rs 2.35 crore), Janaseva Samithi (Rs 1.69 crore), and Laly Vincent (Rs 1 lakh).

What the ED investigated
The ED primarily investigated the financial transactions conducted by Ananthu Krishnan and the various NGOs formed under different names. Documents related to bank transactions, digital records, and mobile phones were seized. No one has been questioned yet.

The raids were based on initial indications that money collected through offers, including scooters, for half-price deals was used to launder black money. The ED is also investigating whether other individuals were involved in laundering black money. ED sources stated that further action would be taken after reviewing the documents and information gathered from the banks.