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    ED conducts raids at sites connected to CPI(M) lawmaker AC Moideen in Rs 100 crore bank fraud case

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    The Enforcement Directorate (ED) has conducted searches at properties linked to former minister and CPI(M) legislator AC Moideen. This is part of an investigation into a ₹100-crore fraud at the Karuvannur Service Co-operative Bank in Kerala. ED officials searched around six sites across the state, starting at 7 am, with the help of paramilitary personnel.

    AC Moideen is currently serving as the Member of the Legislative Assembly (MLA) for the Kunnamkulam constituency in Thrissur district. He held important positions within the CPI(M) and was a state committee member in the state Cabinet from 2016 to 2021. However, he was not available for comment during the searches.

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    The ED is investigating allegations that loans were fraudulently approved by the CPI(M)-controlled cooperative bank and then distributed as cash to non-member entities without proper collateral. The investigation also aims to determine if Moideen had knowledge of these unauthorized loans.

    The Enforcement Directorate’s investigation is carried out under the Prevention of Money Laundering Act (PMLA). The probe was initiated after the Kerala police’s Crime Branch registered around 16 first information reports (FIRs) in various police stations in Thrissur district.

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    In December of the previous year, the ED announced that it had seized assets worth ₹30.7 crore belonging to Bijoy AK, a commission agent of the Karuvannur bank. These assets included properties, vehicles, and cash seized from Bijoy AK’s residence and bank accounts. The agency revealed that a loan of ₹26.6 crore was given to him without requiring collateral due to a “systematic conspiracy” orchestrated by the bank’s secretary and committee members.

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    The Karuvannur bank also faced scrutiny from the Registrar of Co-operative Societies in Thiruvananthapuram. An audit conducted by the Registrar after the registration of FIRs in July 2021 revealed diversion of funds exceeding ₹100 crore. As a result, the CPI(M) took action against 13 members, including expelling four and suspending and demoting others.

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