Kochi : Enforcement Directorate (ED) said on Thursday it recovered incriminating details during searches at about 17 premises across the state on Wednesday in three co-operative society fraud cases.
It said it was investigating 27 such cases involving about Rs 550 crore in proceeds of crime. A police FIR alleges fraud of Rs 55 crore through fake loan applications, loans to ineligible persons and misappropriation of funds by office-bearers. ED said it found irregularities in 159 loans worth Rs 33.82 crore. It seized documents on 38 immovable properties and digital devices, and froze two fixed deposits of about Rs 1.82 crore.
It has made co-operative society frauds a focus area to speed up recovery and restitution to victims. In the case linked to Urban Co-operative Society, Angamaly, ED searched five premises there and in Ernakulam.
ED said Kisan Credit Card loans were sanctioned in the names of fictitious or benami members, and put the suspected proceeds of crime at around Rs 10 crore. It froze 20 fixed deposits and bank accounts holding Rs 24.50 lakh. 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 said board members gave membership and loans illegally to people outside the bank’s jurisdiction. In the Thennela Service Co-operative Society case, seven premises were searched. Five locations in and around Thrissur linked to Kuttanellur Co-op Bank and its former president, secretary and other officials were searched. Download the TOI App.