ED concludes 22-hr raid at former Kerala minister’s residence; says ‘no records link him to fraud’

The Enforcement Directorate (ED) has concluded its raid at the residence of former Kerala Industrial Minister and Kunnamkulam MLA, A C Moideen, said officials on Wednesday.  According to the ED officials, a team of officers from the Kochi unit of the ED conducted the 22-hour raid operation at MLA A C Moideen’s residence.
The raid was conducted in connection with the alleged 200-crore bank fraud uncovered in Thrissur’s Karuvannur Cooperative Bank. The ED has frozen his bank account which has a 31 lakh balance.
After completing the search, ED informed that “no records were found that linked him to the fraud.” The Enforcement Directorate will release a press brief from Delhi on the matter, officials said.
The raid was conducted because of his connection with a money laundering probe into the alleged 100 Crore loan fraud at Karuvannur Service Cooperative Bank, said officials.
Earlier, the ED had initiated raids at the residence of the former Kerala Industrial Minister on August 22.
Loans were allegedly disbursed “in cash” to non-member benames by mortgaging properties of poor members without their knowledge and laundered to the benefit of the accused.
The federal agency is covering about half a dozen premises in the state as part of the action being undertaken as per the provisions of the PMLA Act.
The searches were carried out for evidence of gathering details of alleged “benami” assets.
A C Moideen, a political figure in Kerala, has served in various government capacities, including as the Industrial Minister. He has been in the state’s political landscape for several years.