ED searches 17 locations in Keralam over alleged co-op. bank fraud
The Enforcement Directorate has conducted raids across 17 locations in Kerala regarding alleged financial fraud involving multiple co-operative banks. The investigation focuses on 27 cases involving approximately ₹550 crore, including irregular loan sanctions and missing documentation.
Why it matters
The crackdown on co-operative bank fraud is significant for financial regulation and public trust in local banking institutions in India.
The Enforcement Directorate (ED) on Wednesday conducted simultaneous searches at 17 premises across Keralam in connection with cases involving alleged fraud at three co-operative societies/banks under the Prevention of Money Laundering Act (PMLA), according to a statement issued by the agency here on Thursday.
According to the ED, there are 27 cases involving nearly ₹550 crore. The searches were conducted in connection with the alleged fraud at Urban Co-operative Society Limited, Angamaly; Thennala Service Co-operative Bank Limited; and Kuttanellur Co-operative Bank.
Searches were conducted at five premises in Ernakulam and nearby areas linked to Roy Kurian, Kurian Joseph, and Shiju, who are accused of alleged fraudulent loan transactions at Urban Co-operative Society Limited, Angamaly. The investigation was initiated on the basis of a first information report (FIR) registered by the Angamaly police.
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