Kochi, 07 Oct (H.S.): The Enforcement Directorate (ED) launched coordinated searches across three Kerala districts on Wednesday as part of a money laundering investigation into alleged financial irregularities at cooperative banks.

The raids, which began around 6.30 am, covered bank offices and the residences of board members and employees in Thrissur, Ernakulam and Kozhikode districts. The searches were conducted in connection with a case registered under the Prevention of Money Laundering Act.

In Ernakulam district, four premises linked to the Angamaly Urban Cooperative Bank were searched. Investigators also extended the operation to the homes of people associated with the bank’s administration and financial transactions.

The ED had earlier reported detecting alleged irregularities amounting to Rs 121 crore at the Angamaly bank through fraudulent loans. Wednesday’s searches followed those findings, with investigators examining premises connected to former employees, officials and members of the governing board.

Among the locations searched was the residence of Shiju, a former accountant at the Angamaly Urban Cooperative Bank. According to information attributed to the ED, investigators suspect that he had a role in arranging fraudulent loans.

In Thrissur district, searches were reported at five locations. These included the Ancherichira, West Ancheri and Padavarad branches of the Kuttanellur Service Cooperative Bank.

The residences of the bank’s former president and governing board members were also searched as the agency widened its investigation into those involved in managing the institution.

Searches were additionally underway in Kozhikode district, although details of the premises covered there were not immediately available.

The operation brought bank branches, administrative offices and private residences within the scope of the investigation. The allegations concerning fraudulent lending remain under investigation, and the searches do not establish the guilt of those whose premises were examined.

The raids were continuing on Wednesday morning. Further details of the searches and their findings were awaited.

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Hindusthan Samachar / Arun Lakshman