Kochi: The Enforcement Directorate (ED) on Wednesday raided cooperative banks in Thrissur, Ernakulam and Kozhikode districts, in connection with financial frauds worth several crores.The raids are conducted under Prevention of Money Laundering Act (PMLA) in 20 locations including in residences of office-bearers, governing body members and employees among others, media reports said.The ED sleuths seized articles including hard disks, files and other digital evidence.The ED is already probing the Karuvannur Cooperative bank scam that surfaced in 2023.The ED has filed chargesheet before the PMLA court against 83 accused including former CPM Minister A C Moideen, K Radhakrishnan, MP, former Thrissur district secretary M M Varghese among others. The ED has attached properties and assets worth ₹128 crore.Karuvannur scam is a major financial fraud involving an estimated ₹180 crore to over ₹300 crore pertaining to sanction fraudulent and bogus loans.Bank officials, in connivance with local CPM leaders, illegally sanctioned multiple high-value loans on the same properties without the knowledge of actual owners, issuing proxy loans The case was first registered by the Kerala Police at the Irinjalakuda Police Station in July 2021 before the ED taking it over.
ED raids cooperative banks in 3 districts
