KOCHI / THRISSUR: Following a nearly 22-hour-long raid, the Enforcement Directorate (ED) on Wednesday froze two bank accounts of former minister and CPM MLA A C Moideen. The action was part of an investigation into money laundering linked to the alleged Rs 100-crore Karuvannur Service Co-operative Bank loan scam. The central agency is also expected to question Moideen soon.
The raid, which began around 7.30 AM on Tuesday got over by 5 AM on Wednesday. ED tracked deposits worth Rs 31 lakh made by Moideen in the co-operative bank, based in Thrissur, and a nationalised bank. During the search, ED sought details of the deposits. Moideen’s accounts were frozen after these were reportedly not forthcoming.
According to ED officers, the deposits will be considered as proceeds of crime under the Prevention of Money Laundering Act. They said details of the bank accounts of Moideen and his family members have been confiscated. Officials maintained that they had received statements from those affected by the scandal about how bank authorities were associated with Moideen and acted on his directions.
Loans were issued on his orders without collateral or other related documents. These were issued to non-members without the knowledge of society members. The state government has assessed that around Rs 100 crore was diverted before the scandal that affected hundreds came to light in 2021.
Moideen, who represents the Kunnamkulam constituency, termed the ED action premeditated. “Officers informed me about statements they had received regarding my intervention in sanctioning loans at the bank. Instead of seeking details, they kept searching for documents and evidence in every nook and cranny of my house,” he said. Moideen added that he was prepared for any kind of probe.