ED Raids 17 Locations in Kerala Over ₹550 Crore Co-operative Bank Fraud

The Enforcement Directorate (ED) on Wednesday conducted searches at 17 locations across Kerala in connection with an alleged ₹550 crore fraud involving multiple co-operative banks. The raids targeted the Urban Co-operative Society in Angamaly, Thennala Service Co-operative Bank, and Kuttanellur Co-operative Bank, among other premises, as part of a probe into financial irregularities and potential money laundering.

The searches are linked to allegations of large-scale misappropriation of funds and fraudulent transactions at these co-operative institutions. The ED is investigating whether the funds were diverted through shell entities or used for personal enrichment. Officials have not yet disclosed specific details about the individuals or entities under scrutiny, but sources indicate that the probe is focused on the role of senior bank officials and their associates.

The development is expected to have significant implications for the co-operative banking sector in Kerala, which has faced increasing regulatory scrutiny in recent years. The ED's action may lead to further investigations and potential arrests. The banks involved have not issued any official statement, and the ED is expected to release more information as the investigation progresses.