The Enforcement Directorate (ED) on Wednesday conducted searches at 20 locations in three districts in Keralam in connection with three cooperative society fraud cases, officials said.
ED's zonal office in Keralam is conducting the search operation in close coordination with state police, covering the premises of suspects in Thrissur, Ernakulam and Kozhikode districts.
The federal agency's raids followed separate money laundering Enforcement Case Information Reports (ECIR) registered against Urban Co-Operative Society, Thennela Service Co-operative Society and Thennela Service Co-operative Society.
Urban Co-Operative Society is accused of cheating by office bearers by issuing fake loans and causing loss to members. Proceeds of Crime (PoC) involved in the case are estimated at about Rs 55 crore. The search operation against the society involves around five to six premises at Ernakulam and nearby places.
ED is also probing a case against Thennela Service Co-operative Society, which is also accused of cheating by office bearers by promising higher interest and issuing fake loans. PoC involved in the case is about Rs 10 crore. The search operation covered around seven to eight premises linked to the case against the society at Kozhikode and nearby places.
Kuttanellur Co-op Bank is also accused of cheating by office bearers of the bank through transfer of mortgaged properties without the consent of the owners and depositors. The PoC involved in the case is about Rs 27 crore. The search operation involves around five to six premises in Thrissur and nearby places.
(With inputs from ANI)