ED Conducts Searches at 20 Locations Across Kerala in Three Cooperative Society Fraud Cases Involving Alleged Fake Loans and Illegal Property Transfers:

The Enforcement Directorate (ED) on Wednesday conducted searches at 20 locations in Kerala as part of investigations into three cooperative society fraud cases. The searches were carried out in Thrissur, Ernakulam and Kozhikode districts, officials said.

The ED's Kerala zonal office conducted the searches in coordination with the state police. The raids targeted the premises of people suspected of being involved in the cases.

The agency has registered separate money laundering cases in connection with the Urban Co-operative Society, Thennela Service Co-operative Society and Kuttanellur Co-op Bank.

In the Urban Co-operative Society case, office bearers are accused of issuing fake loans and causing losses to members. The estimated proceeds of crime in the case are around Rs 55 crore. The ED searched five to six locations in Ernakulam and nearby areas.

The Thennela Service Co-operative Society is also under investigation for allegedly cheating depositors by promising higher interest rates and issuing fake loans. The estimated proceeds of crime in this case are around Rs 10 crore. The ED searched seven to eight locations in Kozhikode and nearby areas.

The third case involves Kuttanellur Co-op Bank, where office bearers are accused of transferring mortgaged properties without the consent of their owners and depositors. The estimated proceeds of crime in this case are around Rs 27 crore. Around five to six locations in Thrissur and nearby areas were searched.