ED Conducts Searches at Cooperative Banks Across Three Kerala Districts

The Enforcement Directorate on Wednesday launched simultaneous searches at cooperative banks and the residences of their officials and governing body members across three districts of Kerala as part of investigations into alleged financial irregularities and money laundering.

The searches are being carried out under the provisions of the Prevention of Money Laundering Act (PMLA) at multiple locations in Thrissur, Ernakulam and Kozhikode.

ED teams began the operation at around 6.30 a.m., with officials from Kerala and Tamil Nadu participating in the searches.

The operation is focused on the Angamaly Urban Cooperative Bank in Ernakulam, the Kuttanellur Service Cooperative Bank in Thrissur and the Thennala Service Cooperative Bank in Kozhikode.

The agency is searching bank premises as well as the residences of serving and former employees, governing body members and other individuals allegedly linked to the institutions.

The ED had previously detected alleged financial irregularities involving around Rs 121 crore at the Angamaly Urban Cooperative Bank, reportedly linked to fraudulent loans.

The latest searches are aimed at tracing the alleged money trail and establishing the roles of individuals suspected of being involved in the financial irregularities.

The residence of Shiju, a former employee and accountant associated with the Angamaly Urban Cooperative Bank, is also being searched. According to the ED, he allegedly played a role in processing loans that are under investigation.

In Thrissur, ED teams are conducting searches at five locations connected to the Kuttanellur Service Cooperative Bank.

The agency is searching the bank's branches at Ancherichira, West Anchery and Padavarad, along with the residences of the former bank president and members of its governing body.

In Kozhikode, searches are underway at seven locations in connection with the Thennala Service Cooperative Bank.

The operation comes amid the ED's wider investigation into alleged financial irregularities in Kerala's cooperative banking sector.

During the searches, the agency is examining loan records, financial transactions, banking documents and other material that could help establish the alleged flow of funds and the involvement of officials or other individuals.

Further details are awaited as the searches and investigation continue.