New Delhi/Kerala: The Enforcement Directorate (ED) has launched a major crackdown on alleged financial scams involving cooperative societies in Kerala. ED teams have initiated search operations at approximately 20 locations across Thrissur, Ernakulam, and Kozhikode. This action is being taken in connection with alleged fraud cases involving three different cooperative banks/societies. Preliminary reports indicate that the total amount involved in these suspicious transactions is around ₹92 crore.
First Case: Alleged fraud of ₹55 crore
Office-bearers associated with an urban cooperative society in Ernakulam and surrounding areas face allegations of causing financial loss by issuing fraudulent loans to members. A sum of approximately ₹55 crore is under scrutiny in this case. ED teams are conducting searches at about 5 to 6 premises.
Second Case: The ‘high interest’ scheme involving ₹10 crore
In a case involving the Thennela Service Cooperative Society in Kozhikode, office-bearers are accused of raising funds from the public by promising high interest rates and issuing fraudulent loans. A sum of around ₹10 crore is reported to be involved in this matter. ED operations are underway at approximately 7 to 8 premises.
Third Case: Questions over assets worth ₹27 crore
A case involving the Kuttanallur Cooperative Bank in Thrissur involves allegations of transferring mortgaged assets without the consent of the owners or depositors. A suspicious amount of approximately ₹27 crore is reported to be involved in this case. An ED team is conducting search operations at five to six premises here.
This action by the ED is considered a significant step towards gathering crucial leads—such as documents and details of transactions—related to alleged financial irregularities across the three cases. The investigation will proceed based on the documents and other evidence recovered once the searches are concluded.
