Security personnel stand guard outside as ED officials raid the BLM office in Kozhikode
Premkumar was arrested from his Chennai residence on Oct 29 and produced before judicial first class magistrate court in Kozhikode. However, he secured bail shortly afterwards, citing procedural lapses in the arrest. The crime branch has approached the court seeking permission to arrest him again. The initial police case originated from a complaint by BLM’s former CEO, alleging physical assault by Premkumar and others. the crime branch registered an FIR after finding evidence of suspected financial irregularities Although the complaint was subsequently withdrawn.
The agency suspects that the diverted funds were used, among other things, to buy around 500 acres in Kancheepuram district in the names of his family members. The searches followed a Keralam crime branch probe into allegations that Premkumar used his position to divert crores of rupees collected from depositors into accounts held by his relatives for personal use.