ED Searches MLA’s Home in ₹100 Crore Karuvannur cooperative bank scam
ED Searches MLA’s Home in ₹100 Crore Karuvannur cooperative bank scam
The Enforcement Directorate (ED) on Tuesday raided the premises of Kerala MLA AC Moideen in connection with a ₹100 crore cooperative bank fraud. The ED linked the investigation to an ₹100 crore fraud in CPI(M) controlled Karuvannur cooperative bank.
The ED teams conducted searches at Moideen’s residence in Kozhikode, his office in Malappuram, and other places linked to him. The searches were carried out under the Prevention of Money Laundering Act (PMLA).
The ED is probing the alleged fraud in the Karuvannur cooperative bank, which is one of the largest cooperative banks in Kerala. The bank is accused of lending money to ineligible borrowers and misusing funds.
Moideen is the chairman of the Karuvannur cooperative bank. He is also a member of the Kerala Legislative Assembly. He is the second MLA from the CPI(M) to be raided by the ED in recent months. In June, the ED raided the premises of MLA PK Sreemathi in connection with a money laundering case.
The ED is expected to question Moideen and other suspects in the case. The agency is also likely to seize documents and other evidence during the searches.
The case is a major embarrassment for the CPI(M), which is the ruling party in Kerala. The party has been facing allegations of corruption in recent months. The ED raids are likely to further damage the party’s image.
The ED is a central agency that investigates financial crimes. It has been investigating the Karuvannur cooperative bank case for several months. The agency has already arrested several people in connection with the case.
The ED’s raids are a sign that the agency is serious about investigating the case. The agency is likely to take the case to its logical conclusion.
Read This Also: Kerala Assembly Speaker A N Shamseer Stands Firm on Remarks on Hindu Deity
The ED’s raids come at a time when the CPI(M) is facing increasing scrutiny over its handling of the economy. The party has been accused of mismanaging the state’s finances and of corruption. The ED raids are likely to add to the pressure on the CPI(M) to improve its governance.
The Karuvannur cooperative bank is a major financial institution in Kerala. It has over 1 lakh depositors and provides loans to small businesses and farmers. The alleged fraud in the bank has raised concerns about the safety of depositors’ money.
The ED is expected to take the Karuvannur cooperative bank case to its logical conclusion. The agency is likely to file a charge sheet against the suspects in the case. The case could have serious implications for the CPI(M) and its government in Kerala.
The ED is also probing the role of other officials in the Karuvannur cooperative bank.
The ED is investigating the role of several other officials in the Karuvannur cooperative bank, including the former chairman and other board members. The agency is also probing the role of private individuals who may have benefited from the fraud.
The ED has seized documents and other evidence during the searches.
The ED has seized a large number of documents and other evidence during the searches, including bank records, financial statements, and emails. The agency is also examining the seized evidence to gather more information about the fraud.
Moideen has denied any wrongdoing
Moideen has denied any wrongdoing in the Karuvannur cooperative bank case. He has said that he is confident that he will be cleared of all charges.
The CPI(M) has said that it will cooperate with the ED investigation
The CPI(M) has said that it will cooperate with the ED investigation into the Karuvannur cooperative bank case. The party has said that it is committed to rooting out corruption and that it will take action against anyone found guilty of wrongdoing.
The case is being closely watched by the people of Kerala
The case is being closely watched by the people of Kerala. The people are concerned about the alleged fraud in the Karuvannur cooperative bank and they want to see the guilty brought to justice.
