The Enforcement Directorate (ED) has claimed that CPI(M) MLA A C Moideen is directly involved in the disbursement of benami loans in the Karuvannur Service Cooperative Bank Ltd.
The Enforcement Directorate (ED) on Tuesday (Aug 22) conducted search operations in accordance with PMLA 2022 to investigate benamis and beneficiaris who swindled more than Rs 150 crore in bank funds from Karuvannur Service Cooperative Bank Ltd. The searches and raids were conducted at 5 locations in Kerala. The Kerala Police filed FIRs saying that the accused were embezzling public funds and that more than one loan had been granted to the same person against the bank loan cap while being secured by the same asset. Based on these FIRs, the ED initiated an investigation.
According to a press release by the ED, "On the instructions of certain persons, who were District level leaders and committee members of certain political party and governed the Bank, loans were disbursed by the Bank Manager through the agent in cash to non-member benamis by mortgaging properties of poor members without their knowledge and laundered to the benefit of Accused."
The investigation also revealed that several of these Benami loans were disbursed under the direction of Kunnamkulam MLA and CPI(M) leader A.C. Moideen. Two orders were issued during the search operations, freezing bank deposits and FDs totaling Rs. 28 lakhs that were discovered to be in the custody of A.C. Moideen and his wife. Additionally, searches resulted in the confiscation of 36 properties worth a total of Rs. 15 crore that were considered to be criminal proceeds.
The ED carried out similar raids in August of last year at six locations, including a bank branch in Irinjalakuda, Thrissur, and attached assets worth Rs. 30.70 crore of Bijoy A. K., a commission agent for the bank.
