Kochi : Enforcement directorate (ED) conducted searches as part of separate investigations into alleged financial irregularities involving three cooperative banks in Ernakulam, Malappuram and Thrissur on Wednesday.
In the Angamaly case, three ED units from the Kochi zonal office reportedly conducted searches in connection with alleged forgery and cheating estimated to be around Rs 55 crore. 2002, loans were allegedly sanctioned on forged applications, applications lacking required documents and applications submitted in the names of non-members, according to the case registered on July 7. Kerala Police had registered cases against 14 former and present governing committee members and six employees.
The ED searches covered premises linked to Angamaly Urban Service Co-operative Bank in Ernakulam, Thennala Service Co-operative Bank in Malappuram and Kuttanellur Service Co-operative Bank in Thrissur.
In the Thennala case, the alleged financial fraud is estimated around Rs 10 crore and relates to alleged fraudulent loan sanctions and misappropriation of funds. Searches were also conducted at six premises linked to the Kuttanellur bank case, involving alleged fraud of about Rs 27 crore. You Can Also Check: Gold Rate in Kochi | Silver Rate in Kochi | Bank Holidays in Kochi | Public Holidays in Kochi Stay updated with the latest Kochi news.
ED searches were conducted at seven premises in Kozhikode and Malappuram. The case relates to alleged transfer of mortgaged properties without the consent of owners and depositors. Download the TOI App.