KOCHI: The Enforcement Directorate, which is closely tracking the alleged Sabarimala gold theft, has also intensified its scrutiny of irregularities involving several private finance firms in the state — a development that political circles are viewing with caution as Kerala heads into election season.
Agency officials have begun collecting statements from depositors and individuals linked to firms that allegedly collapsed after mobilising deposits from the public, according to sources. As part of the investigation, at least 13 persons who had invested money in PRD Mini Nidhi Ltd recently appeared before the ED to record their statements. The Pathanamthitta-based firm reportedly ceased operations in 2022 amid allegations of financial appropriation exceeding Rs 200 crore.
Though the state police had earlier investigated the case and arrested the owner along with his wife and son, depositors claim there has been little progress in recovering their money. “Many of us invested savings meant for our children’s education and marriage. Despite the arrests, the case has not progressed in a way that allows us get our money back. We hope the ED investigation will help trace the funds,” a depositor said after recording the statement.
Similarly, depositors linked to Tiruvalla-based Nedumparambil Credit Syndicate (NCS) have approached the agency. Its owner, N M Raju, has already been questioned twice by the ED, most recently on March 2.
Investigators have also recorded statements from depositors connected to Nemom Service Cooperative Bank, which has attracted attention due to its reported links with CPM leaders. The bank’s former president, R Pradeep Kumar, was questioned as part of the probe.
Sources said that more firms earlier flagged for suspected malpractice have also come under the ED’s scanner, with investigators collecting statements from investors who claim to have lost money to schemes run by them.
Several political parties are believed to have close ties with these cooperative and private financial institutions, and sources said there is concern in some quarters that the investigations could snowball into a controversy ahead of the assembly elections.
In the Sabrimala case, the central agency has questioned several individuals. Those examined include former Sabarimala administrative officers S Sreekumar and Murari Babu; former TDB secretary S Jayasree; actor Jayaram; Kalpesh, an alleged accomplice of prime accused Unnikrishnan Potti; former TDB president N Vasu; and, tantri Kandararu Rajeevaru. Following statements made by Potti against former minister Kadakampally Surendran, sources said the ED is also examining the allegations.
Under close watch
With elections fast approaching, the ED’s parallel scrutiny of the Sabarimala case and financial fraud allegations involving private institutions is being watched closely by political fronts