Kannur Urban Nidhi deposit fraud: ED conducts raids at multiple places

The allegation against the firm is that it swindled money from investors promising high-interest rates.
Enforcement Directorate
Enforcement Directorate(Photo | Twitter)

KOCHI : The Enforcement Directorate (ED) on Monday raided various offices of the Kannur Urban Nidhi Limited (KUNL) and the residences of its directors and their associates as part of the probe into an alleged fraud involving the company. The allegation against the firm is that it swindled money from investors promising high-interest rates.

The raids were carried out at the offices in Kannur, Kozhikode, Palakkad, Kannur and Kozhikode and houses of directors M Shoukat Ali, K M Gafoor, co-accused persons Antony Sunny, P V Pratish and C V Jasheena. The raid continued till night and ED seized several documents related to deposits taken by the firm and bank accounts to which the funds were diverted.

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