ED raids 17 locations in Kerala over cooperative bank fraud probe

The Enforcement Directorate (ED) on Wednesday conducted coordinated searches at 17 locations across Kerala in connection with an alleged financial fraud at several cooperative banking institutions. The raids are part of a money laundering investigation linked to suspected irregularities involving ₹550 crore, according to official sources.

The operation focused on key entities including the Urban Co-operative Society in Angamaly, Thennala Service Co-operative Bank, and Kuttanellur Co-operative Bank. Multiple teams were deployed simultaneously to execute the searches, which are expected to uncover financial records and documentation related to the alleged fraud.

The ED's intervention suggests that the financial irregularities may have cross-border implications or involve proceeds that have been routed through multiple channels, triggering the federal agency's jurisdiction under the Prevention of Money Laundering Act (PMLA). Cooperative banks in Kerala have faced scrutiny in recent years over regulatory compliance and governance issues.

Authorities have not yet released detailed information regarding the specific nature of the alleged fraud or the number of individuals under investigation. The searches are expected to yield evidence that will guide the agency's further inquiry into the matter.