ED searches 17 locations in Keralam over alleged co-op. bank fraud

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.

“Investigation has revealed that 422 loans amounting to approximately ₹96.74 crore were sanctioned against 108 immovable properties belonging to 65 members. Serious irregularities were identified in 159 loans amounting to approximately ₹33.82 crore, including the absence of original title deeds, use of photocopies of deeds, absence of registered mortgages, incomplete loan applications, and loans sanctioned in the names of ineligible or non-existent persons,” the statement said.