Karuvannur bank fraud case: ED raids residence of CPI(M) MLA A C Moideen
The ED officials raided the residence of former minister and Kunnamkulam MLA AC Moideen in connection with Karuvannur Cooperative bank fraud case.
Thrissur: Enforcement Directorate (ED) officials on Tuesday (Aug 22) from Kochi conducted a raid at the house of former Minister and Kunnamkulam MLA A C Moideen in connection with the Rs 200 crore bank fraud unearthed in Karuvannur Cooperative Bank in Thrissur. In accordance with the Prevention of Money Laundering Act's (PMLA) guidelines, the ED is reportedly inspecting roughly six locations in the state.
Former local self-government minister Moideen's residence and those connected to him are being searched for signs of having information on "benami" assets, according to the sources.
The case relates to the ED's investigation into claims that loans to non-member benamis were allegedly disbursed "in cash" on the orders of CPM district-level leaders and committee members who oversaw the bank by mortgaging properties of poor members without their knowledge and laundering the money for the benefit of the accused.
The agency believes that Moideen gave directives for the distribution of many such "benami" loans.