The Enforcement Directorate carried out simultaneous searches at 17 sites across Kerala on Wednesday, targeting alleged fraud cases involving three co‑operative societies and banks under the Prevention of Money Laundering Act. The agency said the operation covered 27 cases that collectively involve nearly ₹550 crore. The searches focused on Urban Co‑operative Society Limited in Angamaly, Thennala Service Co‑operative Bank Limited, and Kuttanellur Co‑operative Bank.
In Ernakulam and nearby areas linked to Roy Kurian, Kurian Joseph and Shiju, the ED seized incriminating documents, records of 38 immovable properties, digital devices and other evidentiary material. Investigation findings revealed that 422 loans, worth about ₹996.74 crore, were granted against 108 properties belonging to 65 members. Serious irregularities were identified in 159 loans, amounting to ₹933.82 crore, including missing original title deeds, use of photocopies, absent registered mortgages, incomplete applications and loans issued in the names of ineligible or fictitious persons. Two fixed deposits totalling roughly ₹1.82 crore were also frozen.
Searches at seven premises in Malappuram and Kozhikode, connected to former officials of Thennala Service Co‑operative Bank, uncovered documents and details of two immovable properties. The investigation, based on 63 FIRs filed by Kottakkal police, found that the bank had promised high interest rates and returns on fixed deposits, with suspected proceeds of about ₹10 crore. Kisan Credit Card loans were issued in the names of fictitious or benami members, and irregularities in property mortgage loans and misuse of funds were also reported. Freezing orders were issued on 20 fixed deposits and bank accounts amounting to approximately ₹924.50 lakh belonging to former president M.P. Kunji Moideen’s wife.
In Thrissur, five locations linked to Kuttanellur Co‑operative Bank and its former president and secretary were searched. The board allegedly granted membership to individuals outside the bank’s jurisdiction and extended loans through inflated collateral valuations and forged documents. Digital evidence and loan documents related to these illegal transactions were seized by the ED.
