In a case involving a cooperative bank “fraud” over 100 Crore rupees , the Enforcement Directorate conducted a raid on Kerala MLA AC Moideen’s property on Tuesday. The ED connected the inquiry to a fraud in the CPI(M)-controlled Karuvannur cooperative bank that cost 100 crore rupees.
According to them, as part of the action being taken in accordance with the Prevention of Money Laundering Act’s (PMLA) requirements, the federal agency is inspecting roughly six locations in the state.
According to the outlet, which cited sources, Moideen’s residence and those connected to him, a former minister of local self-government, are being examined for signs that someone may have been accumulating information about “benami” assets.
According to the ED’s investigation, loans were allegedly disbursed “in cash” to non-member benamis on the instructions of CPI(M) district-level leaders and committee members who governed the bank by mortgaging properties of poor members without their knowledge and laundered to the benefit of the accused.
Stay Update with FELA NEWS|
Source: livemint
