The Enforcement Directorate (ED) on Wednesday conducted simultaneous searches at 17 premises across Keralam in connection with cases involving alleged fraud at three co-operative societies/banks under the Prevention of Money Laundering Act (PMLA), according to a statement issued by the agency here on Thursday.
According to the ED, there are 27 cases involving nearly ₹550 crore. The searches were conducted in connection with the alleged fraud at Urban Co-operative Society Limited, Angamaly; Thennala Service Co-operative Bank Limited; and Kuttanellur Co-operative Bank.
Searches were conducted at five premises in Ernakulam and nearby areas linked to Roy Kurian, Kurian Joseph, and Shiju, who are accused of alleged fraudulent loan transactions at Urban Co-operative Society Limited, Angamaly. The investigation was initiated on the basis of a first information report (FIR) registered by the Angamaly police.
“Investigation has revealed that 422 loans amounting to approximately ₹96.74 crore were sanctioned against 108 immovable properties belonging to 65 members. Serious irregularities were identified in 159 loans amounting to approximately ₹33.82 crore, including the absence of original title deeds, use of photocopies of deeds, absence of registered mortgages, incomplete loan applications, and loans sanctioned in the names of ineligible or non-existent persons,” the statement said.
The ED claimed that incriminating documents relating to fraudulent loan transactions, records pertaining to 38 immovable properties, digital devices, mobile phones, and other evidentiary materials were seized during the searches. Two fixed deposits amounting to approximately ₹1.82 crore were also frozen.
In connection with the alleged fraud at the Thennala Service Co-operative Bank, search operations were conducted at seven premises in Malappuram and Kozhikode linked to the former office-bearers and directors of the bank. The premises searched were linked to former president M.P. Kunji Moideen, former secretary K.A. Vasudevan Moosad, former president U.K. Saithalavi, former director V.P. Ali Hassan, former director N.M. Saithalavi, former director V.P. Raveendranath, and former director Sajitha P.
The ED initiated its investigation on the basis of 63 FIRs registered by the Kottakkal police. According to the FIRs, the bank had promised higher interest rates and returns on fixed deposits to its customers. The total suspected proceeds of the crime are estimated at around ₹10 crore. The investigation reportedly found Kisan Credit Card loans sanctioned in the names of fictitious or benami members. The investigation also revealed alleged irregularities relating to property mortgage loans and the diversion and misuse of bank funds.
“During the search operations, incriminating documents and details relating to two immovable properties were recovered. Freezing orders have also been issued in respect of 20 fixed deposits and bank accounts having an aggregate balance of approximately ₹24.50 lakh, pertaining to K.A. Vasudevan Moosad and his wife,” the statement said.
Searches were also conducted at five locations in Thrissur and nearby areas linked to the Kuttanellur Co-operative Bank and its former president, secretary, and other officials who were allegedly involved in the fraud. The investigation was initiated on the basis of four FIRs registered by the Ollur police station under the Thrissur City police.
According to the ED, members of the board had allegedly granted membership to individuals outside the bank’s jurisdictional limits and to third parties and extended loans to them through illegal means by inflating the valuation of collateral security properties and relying on forged documents. Incriminating digital evidence and documents relating to loans allegedly disbursed through such illegal means were seized during the searches, the agency claimed.
Published – October 08, 2026 10:59 pm IST
