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ED Seizes Documents and Freezes Deposits in Kerala Cooperative Bank Raids
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News18•08-10-2026, 21:30
ED Seizes Documents and Freezes Deposits in Kerala Cooperative Bank Raids
- •The Enforcement Directorate searched 17 premises linked to three cooperative banks in Keralam as part of a money laundering probe involving an alleged Rs 550 crore fraud.
- •Investigators seized documents relating to 40 immovable properties, digital devices, and fraudulent loan records during the operations.
- •Fixed deposits and bank accounts worth over Rs 2 crore were frozen across the Urban Co-operative Society Ltd in Angamaly and the Thennala Service Co-operative Bank in Malappuram.
- •The probe revealed serious irregularities including loans sanctioned against photocopies of deeds, ineligible persons, and fictitious Kisan Credit Card accounts.
- •At the Kuttanellur Service Cooperative Bank, officials allegedly granted illegal memberships, inflated collateral valuations, and forged documents causing a loss exceeding Rs 27 crore.
Key Questions Answered
The Enforcement Directorate seized documents, digital devices, and mobile phones, while also freezing fixed deposits and bank accounts worth over Rs two crore across 17 premises linked to three cooperative banks.
The agency discovered that 422 loans totaling about Rs 96.74 crore were sanctioned against 108 properties belonging to 65 members, with serious irregularities found in 159 loans amounting to roughly Rs 33.82 crore.
Bank officials allegedly granted membership to individuals outside its jurisdiction, inflated collateral valuations, and forged documents, resulting in a financial loss exceeding Rs 27 crore to the bank.
