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The Enforcement Directorate is preparing to question BLM chairman R. Premkumar in an alleged financial fraud investigation.
Why Is the ED Preparing to Question Premkumar?
The Enforcement Directorate (ED) is preparing to question R. Premkumar, founder and chairman of Bharat Lajhna Multi-State Housing Co-operative Society Ltd (BLM), in connection with allegations of financial fraud and money laundering involving public deposits.
According to sources cited by South First, investigators are concerned that Premkumar’s network in Puducherry could potentially help him leave the country. Officials have not ruled out the possibility that he remains in Puducherry. If he fails to respond to the ED’s summons, the agency may consider issuing a lookout notice to prevent his departure.
The proposed questioning follows coordinated searches conducted by the ED on November 4 at 12 locations across Kerala and Tamil Nadu. During the operation, the agency seized and froze assets valued at approximately ₹103 crore, including luxury vehicles such as Rolls-Royce and Porsche cars, gold and bank deposits.
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What Financial Irregularities Are Under Investigation?
According to an official ED press release issued on November 5, the searches were conducted as part of an investigation into alleged misappropriation and money laundering involving public funds belonging to BLM.
The investigation originated from a first information report registered by Kerala Police against Premkumar and others. The FIR alleged that Premkumar misused his influence to divert crores of rupees collected from public depositors into bank accounts belonging to family members and relatives. Investigators suspect that these funds were subsequently used to acquire assets.
The FIR further alleged that properties belonging to BLM were mortgaged and that money obtained through these transactions was used for personal benefits and the acquisition of assets in the names of Premkumar’s family members. The proceeds of crime were estimated at approximately ₹80 crore in the FIR.
What Action Has Been Taken Against Premkumar?
Premkumar was arrested by the Kozhikode Crime Branch on October 29 in connection with allegations involving the diversion of funds amounting to ₹5,000 crore. The Additional Chief Judicial Magistrate Court in Kozhikode granted him bail on October 30, a day after his arrest.
The ED’s subsequent searches and asset seizures form part of its separate money laundering investigation into the financial transactions associated with BLM. The agency is examining allegations concerning the diversion of depositors’ money, the mortgaging of society properties and the acquisition of assets through funds allegedly obtained from these transactions.
Investigators are now preparing to question Premkumar as part of the continuing inquiry. His possible presence in Puducherry and concerns about his potential departure from India have also drawn attention. Further action, including consideration of a lookout notice, would depend on his response to the ED’s summons.
