The Enforcement Directorate searched 20 locations across three Kerala districts in three cooperative society fraud cases.
Where were the ED searches conducted?
The searches were carried out in Thrissur, Ernakulam and Kozhikode districts in connection with three separate cooperative society fraud cases. Officials said the Kerala zonal office of the Enforcement Directorate conducted the operation in close coordination with the state police.
The money laundering investigation followed separate Enforcement Case Information Reports registered against Urban Co-Operative Society, Thennela Service Co-Operative Society and Kuttanellur Co-Op Bank. The searches covered multiple premises linked to the societies and people connected with the cases.
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What are the allegations against Urban Co-Operative Society?
Urban Co-Operative Society is accused of cheating its members through alleged fake loans issued by office bearers. The Enforcement Directorate estimates the proceeds of crime in the case at about ₹55 crore.
The search operation covered around five to six premises in Ernakulam and nearby areas. The investigation centres on allegations that the society’s office bearers caused financial losses to members through the loan transactions.
The agency is examining the case under its money laundering investigation based on the information available from the underlying alleged fraud.
What is being investigated in the Thennela society case?
The Enforcement Directorate is also investigating Thennela Service Co-Operative Society, where office bearers are accused of cheating members by promising higher interest and issuing fake loans. The proceeds of crime involved in this case are estimated at about ₹10 crore. Searches covered seven to eight premises linked to the case in Kozhikode and nearby areas.
The allegations form part of a separate money laundering case being examined by the agency. The operation was conducted alongside searches connected with the other cooperative society cases under investigation in Kerala.
What allegations involve Kuttanellur Co-Op Bank?
Kuttanellur Co-Op Bank is accused of cheating through the alleged transfer of mortgaged properties without the consent of their owners and depositors.
The proceeds of crime in the case are estimated at about ₹27 crore. The Enforcement Directorate searched around five to six premises in Thrissur and nearby areas as part of the investigation.
Across the three cases, the alleged proceeds of crime cited by officials amount to about ₹92 crore. The searches form part of separate money laundering investigations into alleged financial irregularities involving the cooperative institutions.
The coordinated action across the three districts places the focus on allegations involving fake loans, promises of higher interest and transfers of mortgaged properties without consent. The investigations remain centred on the conduct attributed to office bearers and the financial losses allegedly caused to members, owners and depositors.
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