Kochi, 06 Nov (H.S.): The Enforcement Directorate (ED) has uncovered a network of nearly 320 bank accounts allegedly used to divert public deposits collected by Bharath Lajhna Multi State Housing Co-operative Society Limited (BLMSHCS), freezing and seizing assets worth approximately Rs 103 crore in a major money laundering investigation.

The ED’s Kochi Zonal Office conducted searches at 12 locations across Kerala and Tamil Nadu on November 4, targeting premises linked to the society’s founder and alleged de facto chairman, R. Premkumar, his relatives and associates.

The searches were carried out in Ernakulam, Kozhikode, Thrissur, Thiruvananthapuram, Munnar and Chennai.

Investigators suspect that money collected from depositors was systematically diverted through multiple bank accounts and used to acquire expensive properties, luxury vehicles and other assets in the names of family members and associated entities.

Among the assets seized or frozen were shares valued at approximately Rs 80 crore, 7.4 kilograms of gold jewellery worth Rs 9.6 crore and eight luxury vehicles collectively valued at nearly Rs 7 crore.

The vehicles reportedly included models manufactured by Rolls-Royce, Porsche, Mercedes-Benz, Toyota and Mahindra.

The agency also identified immovable properties valued at approximately Rs 5 crore and bank deposits amounting to Rs 1.86 crore.

The investigation was initiated under the Prevention of Money Laundering Act following a Kerala Police case alleging misappropriation of depositors’ funds.

According to investigators, properties belonging to the cooperative society were allegedly mortgaged to obtain loans, which were subsequently diverted for personal purposes.

While the suspected proceeds of crime were initially estimated at Rs 80 crore, investigators believe the financial irregularities could involve several hundred crore rupees.

The ED is examining the transactions to identify additional beneficiaries, trace diverted funds and establish the full extent of the alleged money laundering operation.

Further investigation is underway.

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Hindusthan Samachar / Arun Lakshman